Cardano’s price has regained momentum after deep-pocketed crypto investors accumulated millions of ADA coins in two weeks.
It bears noting that interest in crypto assets has been on the high in recent months. This development comes mainly as several crypto investors anticipate the fourth Bitcoin halving and potential approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC).
Among the crypto assets recording heightened interest from investors is the Cardano native token. This is evident in the massive accumulation of the ninth-largest cryptocurrency by market capitalization, as updated by Ali Martinez.
Citing the leading market intelligence platform Santiment, the popular market watcher revealed that Cardano whales accumulated over 14,000,000 ADA in just 14 days. This volume of ADA coins was equivalent to a whopping $8.4 million at the time of the tweet.
Can ADA Hit $1 Pre-Bitcoin Halving?
Since reaching its all-time high of $3.1 in September 2021, ADA entered into a downtrend that lasted for years. Notably, ADA is down over 81% from its all-time high at press time.
The ninth-largest cryptocurrency found support at the $0.24 level in late 2023 as bullish sentiments saturated the cryptocurrency market. Combined with the significant developments and increasing daily active addresses on the Cardano network, ADA has been on an uptrend since last October.
In particular, the crypto asset broke the $0.68 resistance in December 2023 for the first time since March 2022. Despite retracing to $0.5 on Wednesday, crypto market sentiments, increasing whale activity and several other metrics suggest ADA could be gearing toward $1.
Positive Metrics
Notably, IntoTheBlock data showed Cardano’s daily active address surged to 47,930 earlier today. This translated to an increase of 12.87% from Wednesday’s statistics.
Besides whales accumulating 14 million ADA coins in two weeks, non-zero ADA addresses have greatly reduced in the last week. As of January 4, 2024, Cardano addresses with zero balances stood at 17,860.
Meanwhile, it stood at 20,350 on December 28, 2023, per IntoTheBlock data. Recall that Cardano transaction volume reached new milestones months ago as reported by Nitadel.
These are all pointers that interest in Cardano is on the rise. This begs the question of whether ADA can touch $1 before the 2024 Bitcoin halving, expected around April ending. Meanwhile, the cryptoasset is exchanging hands at $0.571 at press time, up 2.2% over the last 24 hours and down 7% in the past week.
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