Cardona is hovering near the $0.95 mark today and is trying to break through the $1 barrier. However, despite multiple efforts, ADA is struggling to breach $1 and needs a push from the bulls. Santiment reported that whales are back in accumulation mode despite Cardano struggling in indices. The top whales in ADA returned to hold the largest ratio of supply in two years, which is at 46.6%.
Read More: ADA Wallets Reported a Prodigious 1600% Growth in 2022
However, they reported that a large portion of the addresses is held by exchanges. A total of 10 million-plus addresses now own a total of 46.7% of ADA’s supply. Just a year ago, the same whale addresses held only 10.2% of the supply. The whale accumulation in Cardano has shot up 460% in a span of just 14-months.
“#Cardano is down -59% since its $3.10 #AllTimeHigh. However, the asset’s top whales (holding 10M+ $ADA) have returned to their largest percentage of supply held in two years, at 46.6%. Note that a large portion of these addresses are owned by exchanges,” tweeted Santiment along with the charts.
Read More: Cardano registers largest drop in 3 months; a tempting dip?
However, a large whale accumulation could also be dangerous. When whales pull out their holdings, Cardano might see a slump and find it hard to recover to present levels.
Santiment has predicted that Ethereum could see a slump in price giving way to a ‘buy the dip’ opportunity for investors. “There is a whole lot of #bearishness circulating in #crypto circles as market caps continue to drop following the incredible March. #Ethereum, in particular, has seen a ton of #FUD even prior to its price rally, and #buythedip opportunities may arise,” they tweeted.
Cardano Performance
The 8th most popular crypto in world, Cardano has had a lackluster performance for close to a year. The crypto is testing the patience of investors and is not delivering the desired results. ADA has either dipped or traded sideways for close to six months straight now. Day traders are washing their hands off the crypto as it has no volatility and trades on the razor’s edge.
Read More: Cardano: Why are a Majority of ADA Holders at a Loss?
It is advised to stay out of Cardano at the moment as the market is likely to dip further. In return, Cardano is expected to see another dip as it goes in tandem with Bitcoin’s performance. However, investors can accumulate during the dips and hold on to the long term for better results.
At press time, Cardano was trading at $0.958204 and is up +0.2% in the 24-hours day trade.