crypto analytics firm centimentstated that the latest moves made by the big players in the market may be a bullish indicator for the scalable decentralized blockchain platform Cardano (ADA).
In a post on Twitter, the firm said that last summer’s strong profits were made at the right time. Cardano (ADA) announced that it has detected that its investors have been refilling their wallets with ADA in recent weeks.
“Cardano addresses holding 10,000 to 100,000 ADA have historically done a pretty outstanding job with search superiors. And in the last 5 weeks, these addresses have added ~6% of the total ADA supply to their wallets.”
Santiment discussed the impact of negative funding rates on possible future price movements and analyzed relevant metrics.
“Typically, these negative funding rates are a promising sign that people expect prices to come down. This often leads to short liquidations that can push prices up. It goes without saying that these negative funding rates are a great sign.”
centimeter, Cardano price analysisconcluded by looking at historical activity among whales with transactions greater than $100,000 to gauge when Cardano could return to all-time highs.
“We see major clusters of whale trading occur at local peaks at all-time highs in both May and September. Expect an increase in these trades as a great alpha where Cardano will see a long-term return.”
While Cardano was momentarily trading at $0.7714, the 7th-ranked crypto-asset saw volatile price action in the first two months of 2022, climbing from the $1.30 range to $1.59 in mid-January before dropping as low as $0.82 last Monday.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.