Whales’ Appetite For Cardano Gives ADA Price A Boost
Following the overall decline in the crypto market, Cardano recorded a two-year low. The coin fell to $0.24 through a four-week bearish impact. ADA lost over 25% of its value through its fall in December 2022.
Volatility remains one of the notable attributes of the crypto industry. Sometimes, the price action of crypto assets is the main attractive aspect for traders and Investors as they reap massively when there is high volatility.
However, Cardano’s token is gradually staging a rebound this January. ADA has impressively reclaimed about a third of its lost value at the beginning of this year.
At the time of writing, ADA is trading around $0.2687, indicating an increase over the past 24 hours. ADA price is spiking after a significant plunge the previous year. Currently, ADA boasts a market cap of about $9.123 billion and a market dominance of about 1.11%.
Also, as per CoinMarketcap ranking, ADA is now rated in the 9th position of top crypto assets in capitalization. If ADA continues to stay in recovery mode and jumps above the $0.30 mark, it might replace Dogecoin taking the eighth top spot by market capitalization.
Investors that bought ADA at the support level of $0.24 are minting profits, adding more pressure on the resistance at $0.27.
Cardano Witnesses Whale Accumulation
Cardano is witnessing more whale accumulation of its native token, ADA. Data from WhaleStats shows that huge holders of BNB tokens are now massively purchasing ADA. This trend places ADA at the top of the list of actively purchased tokens from the beginning of 2023.
ADA has recorded about $250 million in its past 24-hour trading volume. This signifies about an 81.95% surge in its trading volume.
The current report of the top BNB whales addresses shows that they hold a total of 19.9 million ADA tokens. This is worth about $5.19 million at the current crypto market prices.
Price Sustainability For Cardano
There are still doubts about the sustainability of the new Cardano bullish movement. Recall that these whales moved ADA tokens massively from their holdings last December. This brought a drop from 211,854 to 907 tokens in the ADA position size.
Also, it created a price drop for Cardano as of December 2022 as ADA dipped without a correlation to the market trend.
As per CoinCodex price prediction data, Cardano will still surge for the next month. ADA is recovering from the previous losses and might continue to mint more gains.
The token has recorded 12 out of 30 as green days, equivalent to 40%. Also, with its new bullish trend, ADA will likely mint more gains in the next 24-hour high.