Cardano whale investors, known for their significant market influence, have embarked on a massive buying spree, accumulating a staggering 14 million ADA within two weeks.
This impressive acquisition, valued at approximately $8.4 million, signifies growing confidence in Cardano, the ninth-largest cryptocurrency. As a result, experts anticipate a potential surge in price, pushing ADA toward the coveted $0.7 mark.
In the last two weeks, #Cardano whales bought over 14 million $ADA, worth around $8.40 million! pic.twitter.com/Jq6b66NLGI
— Ali (@ali_charts) January 4, 2024
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Metrics Signaling a Bullish Frenzy For Cardano (ADA)
The notable whale activity is not the only factor pointing toward Cardano’s upward trajectory. Daily active addresses, a crucial indicator of network engagement, have experienced a substantial uptick of 12.87% within the past 24 hours.
Currently hovering around 47,930, this figure represents a significant surge since December 31st, marking a noteworthy increase of 26%.
Adding to this bullish sentiment is the declining number of addresses holding zero ADA. Between December 28th and January 2nd, the count dropped from 20,350 to 17,860. This decline suggests that investors are actively accumulating and holding Cardano assets.
The $0.7 Beckons?
These metrics paint a compelling picture of rising optimism, with investors setting their sights on the elusive $0.7 price point. Although Cardano (ADA) currently stands at $0.5732, representing over about 1% gain in the last 24 hours, it previously reached $0.67 in December before experiencing the major pullback.
However, the recent surge in whale activity and other positive metrics show that this attempt may yield different results. Cardano (ADA) could be on the brink of a sustained climb, bolstered by renewed faith and an active development team.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
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Cardano: Building on a Firm Foundation
Speaking of development, Cardano remains at the forefront in terms of activity. Over the past 30 days, it has amassed an impressive 540 Github commits, as measured by Santiment. This unwavering commitment to building a robust and feature-rich ecosystem further enhances Cardano’s long-term prospects.
With whales entering the picture, key metrics demonstrating positive momentum, and a dedicated development team driving innovation, Cardano appears well-positioned for a potential breakout. While breaching the $0.7 barrier is yet to be seen, one thing is certain: winds of change are swirling in the Cardano ecosystem, and investors are taking notice.
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