Cardano Whales Buy $218 Million Worth ADA Amid Bearishness

Paigambar Mohan Raj
Source: Coinpedia

Cardano (ADA) whales are on an accumulation spree. Addresses holding between 100 million and 1 billion ADA, have added another 560 million ADA tokens to their coffers. The value of the total purchase is a whopping $218.5 million. The addresses now hold a total of 3 billion ADA tokens, worth a whopping $1.16 billion.

The addresses in question were seen participating in a distribution campaign on March 26. Following the distribution campaign, the same addresses began accumulating ADA in April. On April 5, when Cardano (ADA) was attempting to recapture the $0.40 price for the second time in less than a week, the whales increased their purchasing activity.

Moreover, ADA has seen an increase in non-zero addresses this year. The cryptocurrency project has added additional 79,196 non-zero addresses since January this year. Furthermore, according to the data from IntoTheBlock, a majority (51%) of ADA holders are in for the long term. The metric show that investors are confident about the asset.

Source: IntoTheBlock

Does Cardano still suffer from bearish on-chain signals?

IntoTheBlock data also pointed to ADA having bearish on-chain signals. As per the analysis platform, network growth has decreased by 0.29%. With a decrease of 0.77%, the number of holders at a loss has reached 66%. Moreover, large transactions have also decreased by 1.56%.

ADA prices seem to be consolidating at the moment. The asset currently faces resistance at $0.3991, with support at $0.3759. If ADA is able to break from currency resistance levels, it may face fresh resistance at around $0.4193.

Source: ADA/USDT Chart by Trading View

According to the machine learning algorithm by PricePredictions, Cardano’s (ADA) price will continue to rise, but not aggressively. As per the platform, ADA will remain at the $0.39 level for the rest of the month.

Source: PricePredictions

At press time, ADA was trading at $0.3881, up by 0.3% in the last 24 hours.