Cardano (ADA) has remained somewhat bearish on its charts within the past twelve months. Nevertheless, its narrative might be ready to shift as whales perceive lower prices attractive.
Santiment’s data on the ADA supply distribution index appear to clarify how leading addresses have been operating amidst the bear market.
The stat shows addresses with 10,000 – 100,000 tokens have consistently accumulated within the past 30 days. For instance, their balance surged from the 48.92% June 11 monthly low to July 9’s 49.75%.
Meanwhile, addresses with over ten million Cardano tokens increased their holdings on June 16. The cohort saw surges to 50.1% by June 2021 from 48.74%. While publishing this content, the balances declined to 49.75%.
Addresses with 100K to 10 million tokens trimmed their balances substantially over the month. Nevertheless, those with 100K to 1 million halted sell-offs following some accumulation within the past two days.
Most selling strength comes from addresses with 1 million to ten million Cardano tokens. For now, they hold about 16.75% of the overall supply, a decline from July 5’s 17.04%.
Generally, whale accumulation within the past month saw large wallets adding their balances by approximately 79.1 million tokens. Moreover, addresses holding over 10 million ADA increased their wallet balances in July’s first week.
Are Cardano Bulls Readying for Another Action
The whale accumulation signals a possible bullish momentum. Also, the whale transaction count from early July supports such claims. Moreover, the brief surge in Cardano’s price during July’s first week backs the narrative, confirming bullish strength behind ADA.
Furthermore, the several support retest around the $0.45 mark supports the bullish outlook. ADA price has rebounded from the same area since May, authorizing a steady buy wall.
Final Thought
Cardano’s buy wall and bullish activity show the altcoin is ready for substantial increases on its charts. However, the narrative will rely on whether the marketplace will retain its impressive sentiment. Enthusiasts should watch broad market tendencies to execute profitable deals.
It remains crucial to witness upcoming market movements. Stay tuned for the latest developments in the crypto space.
