Are Cardano whales gearing up for ADA price recovery rally?

20 Şub 2023

Large wallet investors in the Cardano network have boosted their participation in the altcoin. Since the FTX exchange crash, whale and shark addresses owning 10,000 to 10 million ADA have scooped up a greater volume of Cardano.

Based on on-chain measures and whale activity, the outlook for the ADA price is optimistic.

Cardano whales are positive on ADA, as evidenced by an increase in activity.
With the FTX exchange failure in November 2022, the Cardano network's major wallet investors have bought up significant sums of ADA currency. According to Santiment statistics, there is a surge in the volume of ADA held by sharks and whales who own between 10,000 and 10 million Cardano tokens.

During November 2022, whales have purchased 659.53 million ADA tokens worth almost $235.5 million. Because huge wallet investors are major Cardano stakeholders, this turnaround is regarded positive for the Ethereum-killer altcoin.

Why is it a good time to acquire ADA given Cardano's track record?
Traders typically purchase a cryptocurrency when its price is low. Cardano has yet to regain the $0.41 level from February 4 due to a recent four-week market decline. Because the altcoin is selling at less than half its price in 2022, there is less risk in purchasing ADA today vs an average point in Cardano's history.

Cardano is presently trading at $0.35, which is close to its weekly high of $0.36. Since February 13, the Ethereum-killer altcoin has resulted in a 1.2% loss for investors.

20 Şub 2023

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