Altcoin Cardano (ADA) has been getting a lot of attention lately. The latest data with the Vasil hard fork, which is scheduled to be completed by the end of July; It reveals that DeFi presence is starting to accumulate. Here are the details…
Altcoin whales no longer sell Cardano
According to data from behavioral research platform Santiment, Cardano “shark” addresses, particularly addresses that carry 10,000 to 100,000 ADA, are starting to revive. It has added 79.1 million ($37,894,397) to its total bags over the past month. In addition, major whale addresses with 100,000 to 10 million ADA have stopped dumping.
As Cardano’s price performance remains particularly low in 2022, addresses holding 10k – 100,000 ADA are now accumulating. Within 30 days, they added 79.1 million ADA to their bulk bags. Meanwhile, whales holding 100,000-10 million tokens stopped the dump.
Is there a price rally on the cards for Cardano?
After doing in-depth research on Cardano, the renowned crypto trading analyst Michaël van de Poppe pointed out an event that has the potential to change the outlook for proof-of-stake (PoS) existence. Van de Poppe claims that the $0.48 price will mark the start of “party time.” “Until then, ADA is still relying on support,” he adds. If Van de Poppe’s prediction comes true, the upward price predictions made for Cardano by the crypto community will also come true.
He reported on a price prediction system based on an open-source machine learning framework that predicts Cardano’s price will rise to $2.90 on September 1, 2022. Similarly, while the community voted the CoinMarketCap project at an average of $0.88 at the end of July, the algorithm predicts Cardano could trade at $1.63 by the end of July. Currently, Cardano is up 2.81 percent on the day, according to data from CoinMarketCap. In the previous seven days, it was trading at $0.4802, up 7.41 percent.
Latest situation in Cardano price
It is not yet clear whether the most recent stage of accumulation, where the whales stopped dumping, will have an impact on the price of the cryptocurrency. In particular, the upcoming Vasil hard fork raises hopes for Cardano. cryptocoin.com As we have also reported, IOHK, the developer company behind Cardano, plays a big role in this regard. ADA is trading at $0.47, down 1.5 percent at the time of writing. ADA has experienced a 3.4 percent increase in value in the last 7 days.
Also, DeFiLlama data shows that the total value locked in Cardano has taken a hit due to the ongoing bear market and falling prices. He says it has dropped from $350 million earlier this year to $125 million.
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