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Cardano remains in profit even as small wallets exit
Cardano shrugs off the decline in some wallets and embarks on a record price rise.
- Wallets holding 10-100 ADA have fallen to around 934,000.
- Over 76% of ADA supply remained in profit.
Cardano [ADA] recently experienced a positive price trend over the past few weeks. However, it’s important to note that this price movement originated from a decrease in another significant metric.
Cardano small wallets remain low
A recent Santiment post showed a decline in the number of Cardano wallets holding 10 to 100 ADA around a month ago. The analysis of the chart showed a decrease from over 967,000 to around 933,000 in this category of wallets.
This decline suggested a sell-off, possibly indicating capitulation. As of this writing, the number of holders was around 934,000.
The sell-off of these wallets had a consequential impact on the overall number of ADA holders.
An analysis of the chart indicated a decrease in the total number of ADA holders on the day when these wallets were reduced, dropping from around 4.49 million to around 4.45 million.
The number of holders was around 4.46 million as of the latest update.
Interestingly, despite these wallet reductions and potential signs of capitulation, ADA demonstrated impressive price trends.
Source: Santiment
ADA maintains string bull run
Despite the recent downturn observed in Cardano, the price range tool showed a remarkable increase of around 60% since the 17th of November. The value increased from around $0.2 to $0.5.
As of this writing, it was trading at around $0.57, reflecting a slight decline of over 1%. This decline follows an attempted recovery in the previous trading session.
Source: TradingView
Notably, despite the setback, ADA has managed to sustain the $0.5 price range and continues to exhibit a bullish trend.
The Relative Strength Index (RSI) remained above 75 as of this writing, indicating that ADA was still in the oversold zone and maintained a strong bull trend.
How much are 1,10,100 ADAs worth today?
More Cardano holders remain in profit
A review of the overall profit status of Cardano indicated a consistent increase since around October. While the number in profit remained relatively stable in November, it experienced a substantial uptick in December.
As of this writing, the number of ADA in profit was over 27 billion, accounting for more than 76% of the press time ADA supply.
Source: Santiment
