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

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 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.