- ADA holders are accumulating with unprecedented speed.
- On-chain activity has been consistently bullish.
- ADA’s price still below new highs as losses spiral.
Cardano large players appear to be raking in more ADA tokens. According to IntoTheBlock data, Cardano addresses with over 100,000 ADA have skyrocketed by nearly 2,000.
On-Chain Activity Shows ADA bulls are wide awake
Per the above data, over 31,000 addresses are holding that many ADA tokens. Like analysts and other market players have asserted, ongoing market activities suggest that ADA whales might be preparing for a more intense accumulation spree.
Further solidifying the sentiment is recent on-chain data from the analytic firm Santiment, which has revealed that the balance held by addresses with 1 million to 10 million coins reached a new high of 12 billion ADA.
A similarly bullish move was also spotted last week. Data from blockchain service tracker WhaleStats showed that a BNB whale scooped up 5.3 million ADA tokens. This was worth $5.1 million at purchase time.
The effect of these numerous upbeat events can be seen in the significant spike in ADA addresses. Market observers pointed out the 167% upsurge in ADA wallets created in the same period.
What does the future hold for ADA’s price?
All the aforementioned bullish activities might be positioning ADA for a feasible price breakout. Last week, ADA’s value shot up by over 18%. The increased demand for the asset is expected to result in its price taking a major upclimb. Although the bullish momentum might also be lost at the next critical resistance.
ADAUSD Chart by TradingView
At press time, ADA is valued at a price of $0.8. The asset has slumped over 4% today, bringing weekly losses to 5.42%. Although losses are low for ADA, the asset might need significant momentum to break $1.5; its latest high.