- Cardano price could recover from the downtrend as large wallet investors increase their holdings of the altcoin.
- Cardano accumulation by whales is on, fueling a bullish outlook among investors.
- Analysts believe Cardano could regain lost ground with a 25% price rally.
Cardano price could gather momentum, breaking out of its downtrend and post a new high according to analysts. Large wallet investors have increased Cardano holdings, adding more ADA to their portfolio. Cardano price could retrace, recovering its losses over the past few months.
Cardano price likely to post 25% gains
Cardano price could increase consistently, posting 25% gains in the altcoin. Across cryptocurrency exchanges, large wallet investors are accumulating the altcoin.
There is an expansion in Cardano holdings as DeFi protocols have attracted more investors to the altcoin. The number of whales that accumulated Cardano has increased, their holdings are up 40% within the past year.
The rise in the number of Cardano whales is indicative of a spike in investor interest in the altcoin. As large wallet investors accumulate the Ethereum-killer, it reduces the circulating supply of Cardano.
Developer activity on the Cardano network has increased, based on data from GitHub commits. Growth in DeFi has been reflected in the Cardano network's expansion and increase in holdings of investors.
Wallet addresses with 1 million to 10 million hold a combined 12 billion ADA tokens. According to crypto intelligence firm IntoTheBlock these holdings are worth $10 billion.
The total value locked in the Cardano network increased consistently, from $1 million to an all-time high of $162 million over the past year. The increase in total value locked is indicative of higher demand for Cardano.
FXStreet analysts believe Cardano cycle was 180 days, it has extended to 198. After plunging from its all-time high, Cardano price is ready to regain lost ground and post 25% gains.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?