On October 23, 2023, the price of Cardano (ADA) reached a 14-day high of $0.27 as the positive trend in the cryptocurrency market shifted towards mega-cap altcoins. An investigation of on-chain data looks at how the optimistic Cardano traders can maintain their lead over time.
Since mid-August, the price of Cardano has noticeably remained unchanged within the $0.24 – $0.29 area. Can ADA overcome the psychological hurdle of $0.30 with the latest $30 million whale inflows?
In just two weeks, confident Cardano Whales have generated $30 million in capital inflows.
ADA Price on the Rise: Will Whale Investors Sustain $30M Traction?,ADA Price on the Rise: Will Whale Investors Sustain $30M Traction?
Cardano’s price stagnation in recent months has been mostly caused by whale investors’ protracted lack of activity, according to on-chain statistics.
However, throughout the past two weeks, there have been notable capital inflows into the whales’ wallets (which contain one million to one billion ADA), which has put the price of ADA on the edge of a significant breakout above $0.30.
The whales’ balances remained unchanged between July 14 and October, as seen below, as they combined their total holdings between 20.25 billion ADA and 20.29 billion ADA. Prices for ADA varied over the time, ranging from $0.24 to $0.28.
However, the whales have added 110 million ADA coins since the beginning of October, pushing their balances beyond the 20.35 billion threshold for the first time since July 2023.
The above Whales Wallet Balances chart shows the current fluctuations in the quantity of coins held by significant investors, sometimes referred to as crypto whales. The 110 million ADA that were purchased in October are valued at almost $30 million at the $0.28 market price.
This suggests that the whales are now primed for bullish price movement following three months of consolidation mode. Given their frequent influence, if these crypto whales continue to purchase, more well-informed regular investors may start to copy their bets.
Thus, there’s a good possibility that the price of ADA will rise over the resistance level of $0.30 in the next days.
Retailers May Participate in the Mission of Recovery
Million-dollar investments have been made by whale investors in an attempt to time the next Cardano price surge. But now, that optimism is also present in the retail sectors.
Recent data from ten major cryptocurrency exchanges, including as Binance, Coinbase, and Bybit, indicates that Cardano bulls are currently in the lead in the market.
According to the Aggregregate Order Books graphic below, orders to buy 311 million ADA coins have been placed by optimistic traders. That exceeds the market supply, which is 300 million ADA at the moment.
ADA Price on the Rise: Will Whale Investors Sustain $30M Traction?,ADA Price on the Rise: Will Whale Investors Sustain $30M Traction?,ADA Price on the Rise: Will Whale Investors Sustain $30M Traction?, ADA coin Crypto news, ADA coin News