The post Cardano News: ADA Price Holds Firm While Whales Buy More appeared first on Coinpedia Fintech News
Cardano (ADA) price has defied the wider crypto bearish sentiment in the past three days. While the total crypto market cap slipped 4.5 percent in the past 24 hours to hover about $3.26 trillion, ADA price has gained over 11 percent since the beginning of this week to trade about 76 cents on Wednesday, February 12, 2024, during the early European session.
The large-cap altcoin secured through a proof-of-stake (PoS) consensus mechanism has seen its fully diluted valuation increase to over $34.4 billion and 24-hour average trading volume of about $1.4 billion.
Cardano Whales Relentlessly Accumulate
The overall demand for ADA by whale investors has remained high in the past few months. The notable network developments to ensure robust decentralized governance have convinced more institutional investors. Furthermore grayscale Investment
Investment platform
was the first to file for a spot ADA ETF with the US SEC.
According to on-chain data Santiment, ADA whales, with an account balance of at least 1 million coins, have added 1.41 billion coins since November 2023 to date, which represents 2.35 percent of the altcoins total supply.
Also Read : Why Solana (SOL) Price Is Down Today? ,
What Next for ADA Price
After experiencing a major resistance level of around $1.1, from mid-November 2024 until mid-January 2025, ADA price has been trapped in a short-term correction mode. The smart contract-focused altcoin has been retesting a crucial support range between $0.68 and $0.76 in the past few days.
Having rebounded above the falling logarithm trend established earlier this year, ADA’s price is well positioned to rally above the macro megaphone structure towards its all-time high.
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