- Cardano addresses with more than 100,000 tokens have scooped 16.8% of ADA’s supply.
- Cardano’s price climbed above $1.23; analysts noted an optimistic chart setup for the token.
- ADA whale holdings decline regardless of the recovery signs by the “ETH-killer.”
Cardano’s price seems ready for breakouts as crypto analysts note a bullish formation on the altcoin’s chart. Cardano sees a massive spike in accumulation by mid-tier holders, with more than 100,000 ADA tokens in their wallets.
Cardano Price Ready for Upside Rally
Cardano’s price kick-started uptrends, breaking above $1.23 as the alternative token saw an increased investor pile. Mid-tier holders with over 100,000 ADA tokens have maintained a steady accumulation of the Ethereum killer.
Data from cryptocurrency intelligence firm Santiment suggests the addresses account for 16.8% of ADA supply. Besides surged mid-tier investor accumulation, Cardano sees a steady drop in whale holdings.
Historically, a surge in Cardano accumulation from exchanges has fueled a bullish stance among ADA enthusiasts. Cardano supply held in mid-tier investor wallets hit new ATHs, showing increasing demand for the alternative coin.
Experts examined ADA price reactions and observed a bullish pattern emerging on the chart –a symmetrical triangle. The formation suggests a bullish upside for ADA price as the tokens circulating supply shrinks.
Crypto experts and FXStreet trust ADA price ensured a fakeout to gather liquidity. They noted that Ichimoku Cloud’s top remains flat, making it challenging for Cardano to close beyond $1.23.
Experts suggest that Cardano exhibits a massive concealed bullish divergence. Moreover, the latest ADA price pullback might be a normal reaction, signaling possible uptrend continuation or the altcoin.
What Attracted Whales to ADA?
Several ecosystem developments within the Cardano network triggered increased adoption. Cardano DeFi sector has evolved quicker, attracting many projects since 2022 January, including Milkomeda, a protocols connection Cardano with Ethereum.
Moreover, ADA’s metaverse network has attained a significant milestone, with Pavia declaring 22,000 new landowners. Meanwhile, the Cardano-based non-fungible token project, Clay Nation, announced a collaboration with the legendary musician Snoop Dogg.
These developments and awaited updates throughout the year formed a bullish outlook for ADA. That had Chicago Mercantile Exchange interested in the token. Also, the leading asset manager, Grayscale, introduced a fund that has Cardano as the primary asset.