Cardano Key Shark Address Grows By 331 Million After FTX Collapse

Santiment reported on December 22nd that since the collapse of FTX, 331 million additional ADA had been added to Cardano’s key shark address tier, which currently houses 4 billion ADA.

Key Cardano sharks have been slowly building up since June 2021, according to on-chain statistics, and addresses with 10k to 100k ADA currently hold their most significant share of supply.

In addition, since the aftermath of the FTX in early November, they have elevated this level of dip buying to a new one. However, the coins at these addresses have increased by $83M.

Cardano, the industry-leading proof-of-stake blockchain, has once again emerged as the network with the highest level of development activity, despite the fact that the community is facing a tough time.

According to Santiment Insights, since November 2021, Cardano has been among the top 5 busiest crypto-building networks. It shows that the decline in crypto prices in 2022 is not significantly affecting how various projects use blockchain technology.

Cardano ADA Price Analysis

The price of cryptocurrencies progressively declines as the market enters a negative cycle. Other well-known cryptocurrency projects, including Cardano (ADA), have experienced large losses.

Cardano’s price has been steadily declining over the last few days after hitting the $0.320 barrier level. The $0.250 support level was subsequently breached by the bears.

However, according to CoinMarketcap’s statistics, ADA is currently trading at $0.2583, with a rise of about 1% in the last 24 hours, whereas its current trading volume is also down by 53.71% in the same time period. 

The price may start to rise sharply if there is an upward breakout over the $0.280 and $0.284 resistance levels. If so, the price can gradually increase until it reaches $0.32.

The price of Cardano may continue to decline if it is unable to get over the $0.255 and $0.264 resistance levels. As a result, near the $0.248 level, there is a clear support level on the downside. Additionally, a negative breach below the $0.245 level may pave the way for a new slide down.

Since reaching an all-time high of $3.101 in August 2021, the price of Cardano has dropped 91.64%. The decrease hit a low of $0.255 in December 2022, as per the data from coinmarketcap.

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