Cardano Whales Accumulate In Large Quantity, Will ADA Rally?

Among the top ten cryptocurrencies by market cap, Cardano’s native crypto ADA has shown some price swings recently. Since the beginning of 2023, ADA has gained more than 50% and is currently trading at $0.3778 with a market cap of $13.1 billion.

However, Cardano (ADA) has been facing strong resistance at $0.40 levels in recent times. Citing data from IntoTheBlock, popular crypto analyst Ali Martinez explains that Cardano whales holding anywhere between 1 million to 10 million, have purchased a massive 150 million ADA coins worth $57 million over the last month.

Furthermore, Ali Martinez explains that there’s a strong sell wall in the price range between $0.40-$0.42. “A colossal 3.85 billion $ADA sell wall stands between $0.40 & $0.42!  Slicing through this barrier may spark a bull rally for #ADA, as it faces minimal resistance ahead,” he wrote. 

Connecting Cardano to EVM Contracts

As per the latest development, Cardano blockchain and wallet users will soon be able to gain access to EVM smart contracts. Milkomeda, a network connecting other blockchain platforms to EVM contracts made the announcement last week. Sebastien Guillemot, CEO of Milkomeda wrote:

“Cardano will be a top EVM chain next month. Milkomeda (Cardano’s EVM layer) is launching a feature allowing EVERY Cardano user to use EVM contracts directly from ANY Cardano wallet All in pure ADA. This will instantly make Cardano one of the largest EVM chains by user count.”

Sebastian further added that the Cardano blockchain will also be the largest EVM chain with the staking rewards fully operational.

An Ethereum Virtual Machine (EVM) is basically a place wherein all Ethereum accounts and smart contracts live. It is basically a virtual computer wherein developers can create their own decentralized applications (dApps).

This new feature will allow Ethereum application developers to build on top of the Cardano blockchain using the programming language Solidity, without any need need to install new toolkits.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.