This article is also available in Spanish. Cardano's price has been in red-hot form over the past few days, recovering to over $1 on Friday. This bullish momentum has made ADA the most dynamic asset among the top 10 cryptocurrencies over the past week.
This positive price explosion can be attributed to improving market conditions for #altcoins , but increased activity by large holders (whales) is the latest Price Surge seems to be its cause. The overbought #ADA whales over the past few days is as follows:
In a new post on Platform X, renowned crypto analyst Ari Martinez reported that #Cardano whales have become increasingly active in the market over the past few days. This observation is based on an increase in the proportion of investors holding between 10 million and 100 million coins.
The group of investors in question belongs to the class of whales, defined as those who significantly influence the market with the number of #cryptocurrencies they own. Many investors pay attention to large holders in this class because the market often reacts to their movements; according to
Santiment, Cardano whales bought more than 40 million ADA tokens (worth about $42.8 million at current market value) in 48 hours. This level of buying activity indicates a strong belief in the future potential of the asset, despite the sluggish market conditions.
increased activity of whales can have a positive impact on the price of Cardano, which is evident from the price dynamics over the past few days. Therefore, if the activity of buyers will continue, the price of altcoin may reach the highs of early December 2024.
What's next for the price of Cardano?
Cardano is currently just above the $1 mark and has fallen about 2% in the last 24 hours. However, this negative result has had little impact on the altcoin's weekly rise, which is currently around 26%. In another post on
X, Martinez revealed that Cardano's price is evolving similarly to the previous cycle. During the last bullish cycle, the ADA token grew exponentially in less than a year, reaching its current all-time high of $ 3.09.
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