Cardano’s price is moving sideways from nearly a month within $0.45 to $0.53 and due to this, the traders may have shifted their focus away from ADA price. However, during these times, the sharks have constantly been accumulating ADA tokens while the whales halt dumping the asset. The upcoming Vasil Hard Fork may be the reason as the traders with notable Cardano holdings are now stacking up the coins ahead of the event.
As per the data from a popular on-chain platform Santiment, the wallet addresses holding 10,000 to 100,000 ADA tokens have increased their holdings. Conversely, the addresses holding 100,000 to 10 million ADA tokens have reportedly slowed down or halted letting off their holdings.
The ADA sharks who hold nearly 14.32% of the supply have accumulated almost 80 million ADA tokens in the last 30 days. The present accumulation is linked to the upcoming Vasil Hard Fork. Therefore, the whales also appear to hold the tokens which in turn indicates a possibility of an upcoming uptrend.
On the other hand, the price of Cardano continues to drop for the second consecutive day, yet the trading activity has surged by more than 10%. The sideways trend continues within a descending triangle, while the weekend did not induce any significant buying momentum. Therefore, the ADA price may be primed to experience a pullback, slicing through the lower support and trade within the support region.
However, a significant rebound appears to be pre-determined and hence the traders and whales are pretty bullish about the asset. Therefore, a significant upswing may be expected as the Vasil Hard Fork could induce a huge bullish momentum ahead.
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Source: https://coinpedia.org/price-analysis/cardano-whales-sharks-prepare-ahead-of-vasil-hard-fork-accumulate-nearly-80m-ada/