Surging ADA Whale Wallets Amid Negative Sentiment, Santiment Reveals Potentially Optimistic Trend for Cardano
In a recent development, the market intelligence platform Santiment took to Twitter to reveal a surprising trend: the number of wallets containing more than 100,000 Cardano (ADA) is steadily rising. Despite prevailing negative sentiments surrounding the Ethereum competitor, this data points towards a potentially optimistic outlook for the altcoin.
Santiment, a prominent analyst in the crypto industry, not only highlighted the steady increase in ADA whale wallets but also shed light on the prevailing bearish sentiment. The market capitalization of Cardano has experienced a significant 35% drop since its peak four months ago, contributing to the overall subdued trader sentiment. However, this hasn’t deterred sharks and whales within the crypto ecosystem.
Cardano Whale Accumulation: A Positive Indicator?
Presently, there are 25,294 wallets containing 100,000 ADA or more, representing the most substantial quantity since April 2022. Delving into this accumulation phenomenon, cryptocurrency expert Ali Charts expounded on its potential importance via a distinct tweet. By comparing ADA’s past price trends, Charts highlighted the recurrent pattern of accumulation phases heralding significant bullish upswings.
Between 2018 and 2020, Cardano’s price remained range-bound, hovering between $0.10 and $0.0228 for over 600 days. An impressive 2,985% bull run eventually succeeded in this accumulation phase. Ali Charts likened the current situation, where ADA’s price has remained stagnant between $0.46 and $0.24 for more than 300 days, to the accumulation phase before the previous significant surge. He hinted that history might repeat itself, projecting a potential breakthrough for ADA in February 2024.
Despite the intriguing accumulation trend, it’s important to note that Cardano’s recent advancements, such as the Mithril Update, have yet to be reflected in its price. CoinMarketCap data indicates a marginal 0.08% slip in ADA’s price over the past 24 hours, settling at $0.2905 at the reporting time. This range placed ADA between its 24-hour low of $0.2878 and its peak of $0.2932.
Over the longer term, ADA has faced a 0.50% decline in price during the past week, casting a shadow on its immediate future trajectory. As the market watches Cardano’s whales gather, industry experts and traders remain cautious yet hopeful about the altcoin’s potential resurgence.