One of the top smart contract-based blockchains with more than $177 million in total value locked (TVL), Cardano (ADA), has recorded an exponential rise in on-chain activity YTD. Despite being under the radar of the United States Securities and Exchange Commission (SEC) for failing to comply with the securities act, the Cardano ecosystem has continued to thrive in DeFi protocols and also its stablecoins sector.
As a result, on-chain intelligence platform Santiment has concluded that the Cardano network is poised for greater success based on increased whale adoption.
Specifically, Santiment highlighted that there are more than 25,294 Cardano wallets with over 100K ADA, the highest since April 2022. The heightened Cardano whale accumulation has happened despite the ADA price dropping approximately 2.3 percent YTD in a macro accumulation.
Cardano (ADA) Price Action
According to a U.S.-based crypto analyst Ali_charts, Cardano’s (ADA) price could be following the same price action as the pre-2021 crypto bull rally. Notably, Since ADA’s price hit its 2022 bare rock bottom in December, the digital asset has accumulated horizontally to date. With a possible double bottom and a rising divergence of weekly RSI, Ali_charts is convinced ADA price will retest again the support before rallying to a bullish breakout early next year.
If the Cardano (ADA) maintains the $0.46 to $0.24 range until early next year, the analyst argues a new ATH will be imminent in the subsequent months for the patient holders.
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