Amid the ongoing “Altcoin Season” with Bitcoin’s market dominance lowering, Cardano (ADA) has emerged as a standout performer, with its recent rally drawing significant attention. This surge can be attributed to the growing confidence of investors in ADA, particularly the Cardano whales, who have been accumulating the digital asset.
Blockchain analytics platform IntoTheBlock (@intotheblock) took to X to highlight the remarkable increase in investor confidence in Cardano in October.
IntoTheBlock wrote, “ADA got a strong vote of confidence last month. Big holders accumulated 1.89 billion ADA last month, translating to over $600 million at current prices.”
$ADA got a strong vote of confidence last month. Big holders accumulated 1.89 billion ADA last month, translating to over $600 million at current prices.
— IntoTheBlock (@intotheblock) November 7, 2023
The 1.89 billion ADA accumulation during this period was described as a remarkable increase in investor confidence, which bodes well for ADA going forward. What is even more intriguing is that most of this accumulation occurred within the price range of $0.249 to $0.271.
It appears that these whales are adopting a long-term trading strategy, opting to hold their ADA rather than cashing in on immediate profits. This strategic move by Cardano whales could potentially fuel a sustained price surge toward the $0.4 mark.
Cardano (ADA): Path to $0.4
A few months back, market intelligence platform Santiment shed light on Cardano’s remarkable accumulation trends, predicting an interesting future with continued accumulation. The question on everyone’s mind is whether this accumulation phase could drive Cardano to reach the elusive $0.40 mark.
While the potential for such a rally is enticing, Cardano’s resurgence rests on the decision of these whales to either hold their tokens for the long term or sell them for a quick profit.
Dan Gambardello, the founder of Crypto Capital Venture, recently stated that those leaving Cardano would regret it in the long term. The digital asset is trading at $0.3572 at the time of press, up 2.28% in the last 24 hours. All Cardano needs is an 11.98% increase to breach the $0.4 mark.
A notable analyst recently predicted a massive potential surge for Cardano, sending the token up by 165x to over $40. This prediction is also backed by ADA’s long accumulation phase, which has lasted for several months.
However, Cardano has its competitors in the crypto market. Crypto Crossfire, a BitBoy’s podcast, recently discussed the biggest threats to the crypto project in the current crypto market.
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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