Cardano Whales Add 150M ADA, But 3.85B ADA Sell Wall Causing Resistance

ADA whales continue their accumulation spree despite a major resistance at $0.40.

Cardano whales holding between 1 million and 10 million ADA coins are not relenting in increasing their position in the seventh-largest cryptocurrency. Per data shared by seasoned crypto analyst Ali Martinez, these Cardano whales scooped 150 million ADA coins over the past month. 

Martinez, who referenced data from IntoTheBlock, said the 150 million ADA coins were worth $57 million.

#Cardano whales holding 1 million to 10 million $ADA have bought roughly 150 million #ADA over the past month, worth $57 million, shows on-chain data from @intotheblock. pic.twitter.com/2ot5U7pUzY

— Ali (@ali_charts) April 3, 2023

After adding 150 million ADA coins, these whales have increased their holdings to around 5.3 billion.

Investors Increase Their ADA Position

The development suggests a growing interest in ADA among investors. Earlier today, Cardano-focused news platform Cardano Feed reported that retail investors now hold 22.63 billion ADA, representing 66.73% of the coin’s supply.

? BREAKING: Retail investors hold 66% of the $ADA supply. This shows a strong belief in the asset and its growth potential.

Source: @intotheblock pic.twitter.com/lauec0Gejm

— Cardano Feed ($ADA) (@CardanoFeed) April 2, 2023

Notably, the Cardano network has recorded a massive surge in transaction activities. Several crypto analytics platforms, including IntoTheBlock, have reported widespread accumulation of ADA coins since the beginning of the year. Earlier this year, IntoTheBlock reported that nearly 92K addresses scooped a whopping 4.39 billion ADA coins within the ranges of $0.365 and $0.376.

ADA Faces Major Resistance at $0.40

Martinez also shared a massive sell wall of 3.85 billion ADA between $0.40 and $0.42. This explains why ADA failed to break the $0.40 resistance in the past few days. It is worth noting that ADA has been hovering around $0.40 over the past seven days. The asset’s latest move, above $0.40, resulted in a slight rally to $0.407 on Friday. 

However, ADA plunged to $0.37 earlier today before rebounding to $0.39. At press time, ADA is changing hands around $0.39, with a 24-hour surge of 1.4%.

According to Martinez, breaking through the $0.42 resistance may result in a bull rally for ADA as the seventh-largest crypto asset has no other significant barrier ahead.

#Cardano | A colossal 3.85 billion $ADA sell wall stands between $0.40 & $0.42! ?

Slicing through this barrier may spark a bull rally for #ADA, as it faces minimal resistance ahead. pic.twitter.com/58SdHxbCzp

— Ali (@ali_charts) April 2, 2023