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Cardano price gains bullish momentum as addresses with 100,000 ADA hit record high

  • Cardano addresses holding above 100,000 ADA have accumulated 16.8% of the altcoin’s supply. 
  • Cardano price rallied past $1.23, analysts observed a bullish chart pattern in the altcoin. 
  • Cardano holdings by whales are declining despite signs of recovery in the Ethereum-killer’s price. 

Cardano price is on track for a breakout as analysts observe a bullish chart pattern in the altcoin. There is a massive spike in Cardano holdings by mid-tier investors, with 100,000 or more ADA in their wallets. 

Cardano price prepares for rally 

Cardano price started its uptrend, breaking past $1.23 as after an accumulation of the altcoin by investors increased. Mid-tier investors who hold more than 100,000 ADA in their wallet have been steadily increasing their holdings of the Ethereum-killer altcoin. 

Based on data from crypto intelligence platform Santiment, these addresses account for a whopping 16.8% of the Cardano supply. Alongside a rise in accumulation by mid-tier investors, there is a consistent decline in whale holdings. 

Cardano mid-tier addresses

Cardano holdings of mid-tier addresses

Historically, as investors scoop up more Cardano from exchanges, it fuels a bullish narrative among investors. The supply of the altcoin held by mid-tier addresses is now at an all-time high, supporting the picture of rising demand for the Ethereum alternative, Cardano. 

Analysts have evaluated the Cardano price trend and noted a bullish chart pattern forming, called a symmetrical triangle. The pattern implies a bullish uptrend in Cardano price, while the circulating supply of the altcoin shrinks. 

FXStreet analysts believe Cardano price performed a fakeout to collect liquidity. Analysts believe the top of the Ichimoku cloud is very flat and this makes it difficult for Cardano price to close above $1.23. Analysts argue that there is a strong hidden bullish divergence. Futher, the recent pullback in Cardano price could be considered normal, signaling the altcoin could continue its uptrend. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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