Large Cardano holders have accumulated more than 210 million ADA tokens over the past three weeks, according to blockchain data shared by analyst Ali Martinez.
Summary
- Large Cardano holders accumulated over 210 million ADA in the past three weeks, taking advantage of price weakness driven by broader market pressure and renewed EU–U.S. tensions.
- Technically, ADA is trading near the lower boundary of a long-term symmetrical triangle and a well-tested support zone, though it remains below the nine-week EMA.
- On the fundamental side, the Cardano Foundation backed a new Draper-led proposal aimed at boosting adoption through investment and education, with returns flowing to the Cardano treasury.
The accumulation occurred during a period of price weakness for the cryptocurrency, with market pressure increasing amid renewed tensions between the European Union and the United States, contributing to a pullback across digital assets.
The buying activity by large wallets took place while prices remained under pressure. Exchange reserves have decreased slightly, indicating reduced supply available for immediate trading, according to on-chain data.
Cardano is currently trading near the bottom edge of a symmetrical triangle pattern on the weekly chart, positioned near a long-tested support zone. The nine-week exponential moving average is positioned above the current price, with the token trading below it. The weekly relative strength index stands near levels historically associated with short-term recoveries.
Data shows the open interest-weighted funding rate for Cardano has fluctuated between positive and negative in recent weeks. Negative funding rates typically occur when traders expect continued downward movement.
The Cardano Foundation announced support for a proposal by Draper Dragon and Draper University. The plan involves establishing a fund focused on expanding Cardano’s adoption through investments, capital deployment, and education, with returns directed to the Cardano treasury.
CME Group is preparing to introduce Cardano futures, pending regulatory clearance. The move would place Cardano alongside other major altcoins available in the U.S. derivatives market.
Source: https://crypto.news/large-cardano-holders-accumulate-210m-tokens-over-three-weeks/
