Cardano price: Here’s what to expect from ADA after whales move on from the network


  • Cardano price witnessed a 5% decline as large wallet investors moved on from ADA, daily active addresses on the altcoin’s network plummeted. 
  • Cardano holders' sentiment fluctuated after being largely negative throughout October 2022. 
  • Analysts predict a rally to $0.51 as Cardano survived the FTX-Alameda liquidity crisis and bankruptcy. 

Cardano network’s large wallet investors have lost interest in the Ethereum-killer altcoin. Daily activity of large wallet addresses has reduced on the Cardano blockchain. ADA price remained largely unaffected by the FTX-Alameda crisis as Cardano was not listed on the exchange platform. Analysts retain a bullish outlook on the altcoin. 

Also read: Cardano price: ADA on a rollercoaster ride with massive dump by whales

Cardano loses favor from large wallet investors

The Ethereum-killer altcoin has lost favor with large wallet investors of Cardano. ADA price declined 5% overnight and yielded nearly 20% losses for holders over the past week. Based on data from the crypto intelligence platform Santiment, there is a shift in the number of daily active addresses, weighted sentiment and number of stakers. 

Weighted social sentiment combines positive/ negative commentary on the asset and multiplies it by the amount of social volume. 

All these metrics witnessed a decline in October 2022. Daily active addresses on the Cardano network is an indicator of activity and traders actively trading the altcoin. The number declined consistently throughout October 2022. 

Weighted sentiment v. daily active addresses on Cardano

Weighted sentiment v. daily active addresses on Cardano

Weighted sentiment for Cardano remained negative throughout October 2022. This implies that the crypto community had more negative than positive comments and mentions about Cardano on social media platforms. 

Over the past week, Cardano survived the FTX liquidity crisis and crypto bloodbath. The altcoin was not listed on the FTX exchange, therefore, it didn’t witness a drawdown similar to Bitcoin and Ethereum. Despite that, the number of large wallet investors holding Cardano has steadily declined. 

Large wallet investors holding Cardano

Large wallet investors holding Cardano

Analysts predict a rally to $0.51 as Cardano prepares for recovery

RektCapital, a pseudonymous crypto analyst, evaluated the Cardano price trend and predicted an 8% rally to the upside. The analyst has set a bullish target of $0.51 for Cardano. 

ADAUSD price chart

ADAUSD price chart

A drop below $0.33 could invalidate the bullish thesis and suggest that support at this level is weakening. 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP Price Outlook: A breakout or significant price movement may be imminent for Ripple’s token

XRP Price Outlook: A breakout or significant price movement may be imminent for Ripple’s token

Ripple price has been range-bound for a while, with token holders patiently holding as the ecosystem contended against the US SEC. As per a recent report, the payments token’s price has been stuck below $0.50, failing to breach key resistance levels.

More Ripple News

Runes token standard diminishes BRC-20 hype, thwarts Ordinals engagement a day after launch

Runes token standard diminishes BRC-20 hype, thwarts Ordinals engagement a day after launch

Bitcoin token standards have been a notable theme of late, with Ordinals and BRC-20 making headlines in the first quarter of 2024. However, there is a new player in the works, Runes, which could be the next narrative as the ecosystem continues to evolve.

More Runes News

Avalanche Price Prediction: AVAX primed for gains as altcoin nails its 37% measured move target

Avalanche Price Prediction: AVAX primed for gains as altcoin nails its 37% measured move target

Avalanche (AVAX) price, like most altcoins, is showing strength following the fourth Bitcoin (BTC) halving. The landmark event, which has inspired positive market sentiment, has capital spilling over into other cryptocurrencies, including AVAX.

More Avalanche News

Meme coin madness returns after Bitcoin halving concludes

Meme coin madness returns after Bitcoin halving concludes

Meme coins are on a tear, with some posting double-digit gains despite characteristic weekend lull. BONK, FLOKI, PEPE, SHIB are sector’s top gainers while DOGE tries to catch up after Dogecoin Day. Solana’s Bonk Inu and Myro are top chain performers after SOL price’s 6% gains.

More Meme Coins News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

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? 

Read full analysis

BTC

ETH

XRP