Whales hunt Ethereum-killer Cardano, scoop ADA in crypto market bloodshed

Proponents have identified large wallet investors bargain-hunting Ethereum-killer Cardano as cryptocurrencies suffer a price drop in the crypto market bloodbath. DeFi protocols on the Cardano network witness rapid growth driving total value locked higher. 

Analysts are bearish on Cardano, despite network growth 

Large wallet investors hunted altcoins to accumulate through the bloodbath in the crypto market. Bargain hunters started accumulating Ethereum-killer Cardano as the altcoin witnessed massive growth. 

Whale wallets holding between 1 million to 10 million ADA tokens witnessed a 41% spike since January 2022. Based on blockchain analytics from crypto intelligence firm IntoTheBlock, large wallet investors have accumulated 12 billion ADA, worth $9.48 billion. 

Over 70% of accumulated ADA tokens are locked on decentralized exchanges like SundaeSwap on the Cardano network. 

Cardano accumulation by large wallet investors makes it promising for traders to hold the altcoin, for years, with or without smart contracts on the network. Decentralized exchanges on the Cardano network have raised capital from key players in the crypto ecosystem. 

The rise in total value locked on the Cardano network fuels a bullish narrative for investors. Lucas Outumuro, head of research at IntoTheBlock, was quoted in a recent report, 

After years of lacking smart contract capabilities, Cardano is starting to show some traction in its application layer.

Analysts have evaluated the Cardano price trend and revealed that the altcoin has arrived at a decision point. Consolidation in Cardano is expected to end soon with a huge move. 

FXStreet analysts believe that Cardano price could collapse to $0.35. The composite index recently printed an all-time low; though there is a bullish divergence on Cardano monthly chart, analysts argue that a reversal is imminent.