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Whales are on the move! ADA Supply is Shrinking
According to Santiment data, large investors holding between 10 million and 100 million ADA bought 220 million Cardano in the past week. This amount exceeds 192 million dollars at current prices.
The accumulation of such a large amount of ADA by whales is reducing the current supply in the market. This situation is supporting the upward movement of the price. Additionally, this trend is creating FOMO fear of missing out among individual investors and encouraging additional purchases.
Long-Term Holding Queen
On-chain data shows that the average holding period of ADA holders has increased by 78% in the last seven days. Investors are now focusing on long-term expectations rather than short-term gains.
Holding assets for the long term reduces selling pressure and helps the market stabilize. The fact that investors continue to hold ADA in their wallets indicates a strong expectation of an increase.
Is ADA going to $1?
Technical analysis indicators confirm an increase in ADA demand. The on-balance volume (OBV) indicator reached 52.56 billion level and rose by 2% since March 1st.
If this trend continues, Cardano price could rise to $1.32 by breaking the resistance at $0.94. However, if demand decreases, there is also a risk of the price falling to $0.72.
What Will Be the Next Move for ADA?
The rise of Cardano excites investors, while the overall trend in the market will be decisive. If whales continue their purchases and the long-term holding rate continues to rise, the ADA price could enter a stronger rally. However, if a sudden selling wave occurs in the market, current support levels may be tested. Therefore, investors should closely monitor both technical indicators and market sentiment.() #White House Crypto Summit#