In the last two weeks, Cardano (ADA) whales have accumulated 560 million tokens, worth around $218.4 million. ADA holders hit an all-time high of over 4.4 million, while long positions dominate funding rates.
Recent data points to whales becoming more interested in Cardano [ADA]. As this interest continues to build, it would be important to see how other investors react, and how this will affect ADA’s price trajectory.
Cardano Whales on a Shopping Spree
Over the last fortnight, ADA whales have been on a buying spree, acquiring a whopping 560 million ADA tokens valued at approximately $218.4 million.
According to Santiment data, the accumulation of these whales has not only increased the total number of ADA tokens they hold, but it has also increased the percentage of tokens in circulation.
So far, addresses with between 100,000 and 1 million ADAs have seen an increase, holding 17.23% of the total supply. In addition, there has also been an increase in the number of addresses that have more than 1 million ADA, which now collectively have 16.51% of the total supply.
Heavy is the Head that Wears the Crown
Recent data from Santiment also revealed that the number of ADA holders was increasing. After a sharp drop observed in January, the number of headlines has been steadily increasing.
So far, the number of ADA holders has surpassed 4.4 million, which is an all-time high. Despite the current price trend, this growing number indicates the increasing interest in ADA.
Long Positions Dominate ADA Funding Rates
When looking at ADA derivatives, investors were seen to be quite optimistic about a possible price increase. Currently, funding rates seen on several prominent exchanges indicated that investors were betting on a price rise.
In particular, the funding rate metric suggested that most investors had taken long positions, making it the dominant position.
30-Day MVRV and Daily Time Frame Analysis
An examination of ADA’s 30-day Market Value to Realized Value ratio (MVRV) suggested that the token was slightly overvalued. The MVRV stood at 1.2%, which could indicate that further accumulation is expected in the coming weeks.
Looking at the daily ADA’s timeframe chart, the token had been enjoying a modest uptrend over the past few days. However, its value had declined, and it was currently trading at around $0.38.
After the significant drop it faced in February, its upward trajectory from March to now resulted in an increase in value of more than 26%. Furthermore, the chart indicated that it had held above the neutral line on the Relative Strength Index (RSI), and it had maintained a bullish trend.
Cardano’s Price Predictions
As published on the CryptoPredictions website, Cardano started April 2023 at $0.3994645169295, and it is forecast to end the month at $0.41475622079439. During April, the expected maximum price of ADA is $0.67338507358833, and the minimum is $0.3994645169295.
As of today, the ADA price is forecast to be in the price range of $0.33386410908668 – $0.49097663100983. Cardano’s price is forecast to end today at $0.39278130480786.
By Audy Castaneda
