While the price of Cardano ($ADA) has been seeing a lackluster performance since the beginning of the month, whales on the cryptocurrency’s network have nevertheless kept on accumulating tokens over the past fortnight.
According to blockchain data shared by popular cryptocurrency analyst Ali Martinez, large Cardano holders have purchased an aggregate of 560 million ADA tokens, equivalent to a staggering $218.4 million in value.
This trend points to a growing interest in Cardano among institutional investors and affluent individuals, suggesting a robust bullish outlook for the digital asset. As a rival to Ethereum (ETH) and other key market players, Cardano has been steadily gaining traction.
However, the recent buying spree has seemingly been translated into a price increase for ADA. Whales seem to have been capitalizing on a recent dip in the price to augment their crypto portfolios. The cryptocurrency has since risen, as at the time of writing, Cardano is trading at $0.409, experiencing a 5% rise in the past 24 hours.
Cardano’s price rose along with that of other major digital assets amid a wider cryptocurrency market recovery that saw the price of the flagship cryptocurrency Bitcoin surpass the $30,000 mark for the first time in 10 months.
As CryptoGlobe reported, the price of ADA could, according to Martinez, enter a bull run if it manages break through a key level that right now hosts a “colossal sell wall,” made up of 3.85 billion tokens being sold. That wall is between $0.40 and $0.42.
Notably, the cryptocurrency community is expecting the price of ADA to drop during the month of April, even as its adoption keeps on growing and whales accumulate the network’s native token.
According to users who submitted price estimates, on average, respondents predicted that ADA would end the month of April trading at $0.37 per token, down significantly from its current price level.
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