April 2022. This rise has been driven by reduced selling from long-term investors and increased buying activity from whales. ADA's price surged 217% in November, which triggered a shift in whale activity. The decrease in the 30-day Mean Coin Age of ADA suggests that previously inactive coins were being sold, but this trend reversed last week, indicating an increase in accumulation within the network.
The increase in ADA's Average Coin Age, as observed in Santiment data, signals that the network is holding onto more coins, reducing the amount being sold. Moreover, whales, particularly those holding 100 million to 1 billion ADA, have been buying in large quantitiesโ$276 million worth in the past seven daysโsuggesting growing confidence in ADA's price potential.
Cardanoโs Elder-Ray Index also reflects a bullish trend, with a positive reading of 0.31, indicating that buying pressure is currently outweighing selling pressure. This combination of factors points to a potential uptrend for ADA, as whale activity and market indicators suggest a promising future for the cryptocurre#Write2Earn! #BitwiseFiles10ETFs #ThanksgivingBTCMoves #ETHOnTheRise #BitwiseFiles10ETFs
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