HomeCrypto NewsMarket28 New Whales Holding At least 1M ADA Appeared As ADA Posts 30% Gains

28 New Whales Holding At least 1M ADA Appeared As ADA Posts 30% Gains

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ADA is showing positive on-chain metrics.



Cardano’s ADA is up 30% since December, per a tweet from Santiment Feed yesterday.

According to the crypto analytics platform, 28 new whale addresses holding at least 1 million ADA have appeared since the price rally kicked off, implying aggressive accumulation of the asset. In addition, Santiment points out that trading volume and large whale transactions have tapped levels last seen in November.

Recall that yesterday, the asset posted over 20% gains in an impressive showing as the entire crypto market rallied. It broke a months-long downtrend, pushing past resistance at $0.30 and trading as high as $0.34 on the day.

However, it faced resistance at $0.34 and has dropped to $0.31, posting a 3.38% correction in the last 24 hours at press time. Duo Nine has asserted that the asset has now flipped the $0.30 resistance to support in a recent report. According to the prominent technical analyst, critical price support now lies at the $0.30 and $0.24 price points, respectively, with resistance at $0.34 and $0.38.

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Consequently, the analyst predicts that a break of $0.34 could see ADA run up to $0.38 before the price faces resistance once more. Notably, the Relative Strength Index (RSI) and the Moving Average Convergence/Divergence (MACD) indicators show bullish signals.

While there is no specified reason for the renewed interest in Cardano, it bears mentioning that the network is set to launch an over-collateralized algorithmic stablecoin this month. Historically, the launch of stablecoins with appealing use cases has often led to significant spikes in inflows as it provides on-ramps and off-ramps that keep users within the ecosystem.

In addition, Santiment in December pointed out that the asset was oversold.

Cardano decentralized applications are also seeing a surge in the number of unique accounts, per a tweet from Cardano Daily yesterday. DApps like Genius Yield have seen a 2810% growth in unique accounts in the last 5 days. All of these indicate an increase in Cardano adoption and decentralized finance activity.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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