- Santiment data indicated that accumulation for ADA remains high despite negative trader sentiment.
- Analyst Ali Charts believes that ADA is in a similar situation like it was in 2020 before its 2000+% bull run.
- The continuous developments by the Cardano team have not been reflected in ADA’s price.
Wallets containing more than 100k Cardano (ADA) are steadily increasing, according to a Twitter post shared by the market intelligence platform Santiment earlier today. According to the post, trader sentiment towards the Ethereum-killer is still rather low as its market cap is down 35% since reaching a top 4 months ago.
However, despite the negative sentiment towards ADA, Santiment’s data indicated that sharks and whales have not been deterred, and the number of wallets containing 100K+ ADA stood at 25,294. This is the highest this number has been since April of 2022.
Cryptocurrency trader and analyst, Ali Charts, shared in a separate Twitter post today that the accumulation of ADA by whales could be a good sign for the altcoin. According to the post, between 2018 and 2020, ADA’s price was stuck between $0.10 and $0.0228 for 600+ days.
Traders saw this as an accumulation opportunity, which was then followed by a massive 2,985% bull run for ADA. In his post, the trader drew parallels to ADA’s price now being stuck between $0.46 and $0.24 for more than 300 days already, and shared that this could be a clue that ADA will “break free” in February of 2024.
It is, however, important to keep in mind that the Cardano team’s continuous developments to better the ecosystem like the Mithril Update that has gone live have not yet been reflected in the price of the altcoin. CoinMarketcap indicated that ADA saw its price slip by 0.08% over the past 24 hours of trading.
As a result, ADA was worth $0.2905 at press time. This meant that the cryptocurrency was trading right between its 24-hour low of $0.2878 and its daily high of $0.2932. Things were not looking much better for ADA over the longer term as its price was down 0.50% over the past week.
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