For any cryptocurrency project, addresses holding between 10,000 to 10,000,000 of the project’s tokens are key stakeholders. Their trading activities are a major determinant of what to expect from the token’s price.
According to data from Santiment, addresses holding between 10,000 to 10,000,000 of Cardano’s ADA tokens have intensified the accumulation trend over the last few days. Since 27 July, these addresses have added a combined 0.46% of ADA’s existing supply to their portfolios. This represents accumulation of ADA worth over $138 million in about ten days.
Has there been any impact on price in the last ten days? Let’s take a look.
ADA does not care
Despite the mild uptick in whale accumulation of ADA since 27 July, the alt’s price has consolidated chiefly in a tight range since. Exchanging hands at $0.5174 at press time, ADA managed to hike from the $0.5105 price level it closed the trading day with on 27 July.
Interestingly, despite an increase in whale accumulation over the last ten days, trading activity within that period logged a gradual decline. At 520.56 million at the time of press, the token’s trading activity dropped by 47% since a high of 1.1 billion on 27 July.
On the daily chart, ADA’s Relative Strength Index (RSI) and Money Flow Index (MFI) were spotted flattening out at 56.18 and 62.01, respectively. This indicated a decline in buying pressure.
On the price front, the last 24 hours saw ADA’s price hiking by 1.42% on the charts,
Source: TradingView
On-chain performance
According to Santiment, during the period under review, ADA’s 30-day MVRV hiked to +5.499%. This suggested that a sizeable number of investors had seen profit during this time. However, with weighted sentiment in the negatives at press time, a price bounce might be something to look out for, especially for those wanting to go against the crowd.
Source: Santiment
Following the postponement of Cardano’s Vasil upgrade on 28 July, the network’s developmental activity has flattened out too. With a 0.11% decline in developmental activity in the last 10 days, one might question whether the upgrade was indeed shifted for further testing as claimed by the project.
The last ten days have been marked by a decline on the social front too. Its social dominance and social volume declined by 31% and 89%, respectively.
Source: Santiment
