Just-In: Cardano (ADA) Whales Reaffirm Bullish Rally To $1, Here’s Why

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CoinGape
14w ago2022-08-06

Cardano (ADA) whales and sharks’ activity increased substantially this week for a bullish run to $1. Whales and shares accumulated nearly $138 million ADA ahead of the upcoming Vasil hard fork and the total number of wallets rising above 3.5 million.

Cardano (ADA) Whale Activity Confirms Massive Rally Towards $1

Despite the delay in the Vasil hard fork, which was scheduled for July end, Cardano (ADA) price has continued to gain momentum.

Cardano founder Charles Hoskinson promised that there will not be any more delay in the Vasil hard fork. Last week, Kevin Hammond, IOG’s technical manager, also claimed the importance of further testing to guarantee a smooth rollout process. The support from Charles Hoskinson and the community maintained the price above the $0.50 level.

According to Santiment, the Cardano Supply Distribution metric indicates rising whale and shark activity in the last week, with both accumulating nearly 138 million in ADA. Since July 27, whales and sharks have added 0.46% of Cardano’s existing supply.

This might be a small accumulation. However, if the accumulation continues in August, a massive rally may push the price to hit $1.

Cardano (ADA) Accumulation by Whales and Sharks
Cardano (ADA) Accumulation by Whales and Sharks. Source: Santiment

“Cardano shark & whale addresses have accumulated a combined ~$138M in ADA in 8 days after the mid-June dump around the local price top. This is only a mild accumulation for now, but could get interesting if this trend continues throughout August.”

Cardano’s Vasil hard fork promises the focus on security, rigor, stability, and scalability with increased throughput on the Cardano blockchain and the development of smart contracts and decentralized apps.

With the increased optimism regarding the Vasil hard fork, the total number of wallets holding ADA now surpassed over 3.5 million. More than 1 million wallets have been added this year, despite the crypto market crash. Also, the number of smart contracts deployed on the Cardano network has now surpassed 3000 for the first time.

Moreover, Cardano’s on-chain transactions are higher than Bitcoin, Ethereum, Dogecoin, and Algorand. A move above the $0.550 resistance level can drive a massive rally in the Cardano (ADA) price to $1.

Rising Support for Cardano (ADA)

Earlier this week, Sygnum Bank added support for Cardano (ADA) staking. Clients of the world’s first digital asset bank can now stake ADA and receive staking rewards using the institutional-grade platform.

Moreover, popular Cardano influencer “ADA Whale” in a tweet claims ADA price can shoot massively under the Voltaire era will truly decentralize the system by introducing a voting and treasury system.

“If decentralised governance under Voltaire works out, Cardano will be unlike anything seen in crypto before. It will be bigger.”

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
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.