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Cardano’s native cryptocurrency, ADA, has surged 47% in the past week, reflecting increased investor confidence despite market volatility. The growing interest from whales and the rising trend of long-term holding are key factors driving this upward momentum.
Whales Accumulate as ADA Supply Shrinks
According to Santiment data, large investors holding between 10 million and 100 million ADA have accumulated over 220 million ADA in the last seven days. This purchase, valued at over $192 million, reduces the circulating supply and fuels price appreciation. The intensified whale activity also triggers FOMO (Fear of Missing Out) among retail investors, further boosting demand.
Long-Term Holding Trend Strengthens
On-chain data reveals a 78% increase in the average holding period for ADA within the past week. Investors are shifting from short-term profits to long-term expectations, reducing selling pressure and contributing to market stability. The longer investors keep ADA in their wallets, the stronger the bullish sentiment becomes.
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Can ADA Break $1?
Technical indicators confirm rising demand for Cardano. The On-Balance Volume (OBV) indicator has reached 52.56 billion, climbing 2% since March 1. If this trend persists, ADA could break the $0.94 resistance level and aim for $1.32. However, a drop in demand may push the price down to $0.72.
What’s Next for ADA?
As Cardano’s rally continues, the broader market trend will play a crucial role in determining its next move. If whales maintain their buying spree and long-term holding sentiment strengthens, ADA could experience a more substantial rally. Conversely, a sudden market-wide sell-off could test current support levels.
Investors should closely monitor Bitcoin and Ethereum, as their movements can influence ADA’s price action. Staying aware of key support and resistance levels will be essential for navigating potential market fluctuations.
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Disclaimer
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
