Cardano Investors React To 14% ADA Price Surge To $0.37
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On-chain data has provided insights into how Cardano (ADA) investors will likely react to the crypto tokenâs recent price surge. Cardano has been one of the leading gainers in the crypto market in the last seven days, with a price gain of over 14% during this period.Â
Cardano Could Face Significant Selling Pressure
Cardano could face significant selling pressure from investors who recently entered the money following the crypto tokenâs price surge.Â
Data from the on-chain analytics platform Santiment shows that over an additional 12% of Cardanoâs supply is now in profits, which could pave the way for the holders of these tokens to secure their profits, especially considering Cardanoâs unstable price action so far in this market cycle.Â
Despite its recent price gains, Cardano has been one of the most underperforming coins since the start of the year and boasts a year-to-date (YTD) loss of over 35%.
As such, Cardano holders are likely to be more compelled to secure their profits rather than hold on to the belief that this recent price surge is a bullish reversal rather than a relief bounce.Â
The recent transaction pattern among these Cardano holders also suggests that they are losing confidence in the crypto token and are likely to secure their profits as soon as possible.
Data from the market intelligence platform IntoTheBlock shows that the average holding time of coins transacted in the last thirty days has been 5 months, indicating that Cardano holders are paper-handing their tokens.Â
