Cardano Whales Buy $218 Million Worth ADA Amid Bearishness

Cardano (ADA) whales are on an accumulation spree. Addresses holding between 100 million and 1 billion ADA, have added another 560 million ADA tokens to their coffers. The value of the total purchase is a whopping $218.5 million. The addresses now hold a total of 3 billion ADA tokens, worth a whopping $1.16 billion.

The addresses in question were seen participating in a distribution campaign on March 26. Following the distribution campaign, the same addresses began accumulating ADA in April. On April 5, when Cardano (ADA) was attempting to recapture the $0.40 price for the second time in less than a week, the whales increased their purchasing activity.

Moreover, ADA has seen an increase in non-zero addresses this year. The cryptocurrency project has added additional 79,196 non-zero addresses since January this year. Furthermore, according to the data from IntoTheBlock, a majority (51%) of ADA holders are in for the long term. The metric show that investors are confident about the asset.

Does Cardano still suffer from bearish on-chain signals?

IntoTheBlock data also pointed to ADA having bearish on-chain signals. As per the analysis platform, network growth has decreased by 0.29%. With a decrease of 0.77%, the number of holders at a loss has reached 66%. Moreover, large transactions have also decreased by 1.56%.

ADA prices seem to be consolidating at the moment. The asset currently faces resistance at $0.3991, with support at $0.3759. If ADA is able to break from currency resistance levels, it may face fresh resistance at around $0.4193.

According to the machine learning algorithm by PricePredictions, Cardano’s (ADA) price will continue to rise, but not aggressively. As per the platform, ADA will remain at the $0.39 level for the rest of the month.