The Cardano Coin Price Rockets To 32-Month High—What Next?
Cardano (ADA) surged double digits over the past week to reach $1.15, with the price last seen in April 2022. The rally was fueled by reduced selling by long-term holders and increasing holdings by large investors.
As bullish momentum continues to build, ADA is likely to see further gains in the near term. Here’s why.
Cardano long-term holders and whales join forces
Cardano price surges 217% in November This triggered volatility in previously dormant tokens, which was reflected in the decline in their 30-day average coin age.
This metric measures the average “age” of all tokens in an asset, weighted by their holding period. When it decreases, it indicates an increase in on-chain activity as previously idle tokens are being spent or transferred, primarily for profit.
Over the past week, however, that trend has shifted. According to Santiment, ADA’s average coin age has been on an upward trend, indicating network accumulation. Reduced selling by long-term ADA holders has led to a 10% rise in value over the past seven days.
Additionally, ADA whales, or large investors, increased their holdings during the period under review. On-chain data display ADA address holding A total of $276 million worth of ADA was purchased between 100 million and 1 billion tokens in the past seven days.
When whales increase their holdings, it signals confidence in the future price movement of the asset, potentially driving market demand further. Since whales make up a larger portion of the total supply, this accumulation may lead to price appreciation due to reduced circulating supply.
ADA Price Prediction: New Highs Still Within Reach
On the daily chart, Cardano’s Elder-Ray Index Confirming the bullish bias towards altcoins. As of press time, the indicator value is 0.31.
It measures the strength of a trend by comparing the buying and selling pressure in the market. When positive, it indicates that buying pressure exceeds selling pressure, indicating a bullish market trend. If this trend continues, ADA will extend its gains and climb to $1.30, the price it last traded at in January 2022.
On the other hand, an increase in coin distribution will cause the coin to drop to $1.09. If the bulls fail to hold this price level, Cardano Coin Price Will Drop Below $1 The trading price is $0.92.
Disclaimer
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