Is Cardano’s Price on the Verge of a Rally?

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Cardano whales have acquired around $160 million worth of ADA in the last 60 days.

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Summarize with AI

Cardano (ADA) has been in a severe downtrend lately, trading around $0.35 (per CoinGecko’s data), down 45% over the past three months.

However, key factors, such as the recent accumulation by large investors, suggest it might be time for a short-term rebound.

Whales Scoop up, Shrimps Offload

According to data from Santiment, Cardano’s smart money (wallets holding between 100,000 and 100,000,000 ADA each) has purchased more than 454 million ADA in the past two months alone. The USD equivalent of the stash is approximately $160 million (at current rates).

At the same time, shrimps (addresses with 100 coins or less) have been on a selling spree lately, dumping 22,000 ADA in the last three weeks.

This trend is interesting and could be interpreted as bullish for the price of Cardano’s native token. After all, whales are known as experienced industry participants who accumulate tokens in anticipation of a major event or news that could benefit valuation. Furthermore, their buying reduces the number of coins available on the open market, which could be followed by a rally if demand remains constant or rises.

Meanwhile, small investors tend to sell during fear and price declines. When they cash out, the market gets rid of weak hands that were likely to panic sooner or later. In the aftermath, the process can create a more stable holder base and strengthen the entire ecosystem.

Price Predictions

X user Surya believes ADA is at a decisive spot, claiming the price “is still compressing inside the falling wedge and has pulled back into the $0.34-$0.35 support.”