Cardano's large-scale investors buy approximately 410 million ADA tokens - Possibility of a May price surge?
💰 ADA on a Knife Edge: Ready for a Bull Run?
Hey there! Let's talk about Cardano (ADA) and whether it's gearing up for a bull run.
Over the past month, ADA has seen a rise of 7.62%, but amid a broader market correction, the token dropped by 1.69% in the last 24 hours. Despite this minor setback, sentiment suggests that ADA could be making a comeback.
Whales and the big game
Whales, those big players controlling a significant portion of ADA's circulating supply, have been on a buying spree in the past month. They've scooped up around 410 million ADA, which is roughly worth $285 million. This move, which came while prices were relatively low, suggests they're anticipating a future breakout.
Spot traders: Patient players
In the spot market, Netflow has remained bullish for several months now. Since March, around $416 million worth of ADA has entered the market. While this hasn't led to an immediate rally, it shows that traders are ready to pounce when the time is right.
The resistance is strong, but so is the rally potential
At the moment, ADA is hanging around the $0.7034 mark, a level it's been testing for ten consecutive days. But despite the resistance, there are several liquidity clusters stacked above this level, reaching as high as $0.74. This indicates that ADA could break through this barrier and head for higher ground.
Short-term bullish signs
In the derivatives market, long traders are still opening up new positions, pushing Open Interest up to $778.99 million. This growth suggests increased engagement and bullish sentiment. The Funding Rate stands at 0.0084%, meaning most positions are long, further reinforcing the optimistic outlook.
In summary, while ADA is currently in a critical technical position, signs point to a potential breakout on the horizon. The market seems ready for a rally, so keep your eyes on this cryptocurrency!
- Olayiwola has been closely observing the Cardano (ADA) market, noting its potential for a bull run.
- In the recent market correction, Cardano dropped by 1.69%, but investors remain optimistic due to the token's 7.62% rise over the past month.
- Whales have significantly increased their holdings of ADA, purchasing approximately 410 million tokens worth around $285 million.
- The spot market has seen a net flow of $416 million worth of ADA in the past few months, indicating a willingness among traders to invest when the time is right.
- Currently, ADA is battling resistance at the $0.7034 mark, but several liquidity clusters above this level suggest a potential breakthrough and further growth.
- The derivatives market shows increased engagement and bullish sentiment, with open interest in new positions reaching $778.99 million.
- The Funding Rate stands at 0.0084%, indicating that most positions are long, supporting the optimistic outlook for Cardano.
- With crypto markets starting to show signs of recovery, and regulations gradually stabilizing, Hasn is considering investing in Cardano, along with other digital assets in the finance sector.
