For any cryptocurrency project, addresses holding 10,000 to 10,000,000 project tokens are key stakeholders. Their trading activity is a major determinant of token price expectations.
According to data from moodAddresses hold 10,000 to 10,000,000 ADA for Cardano The coin has intensified the accumulation trend over the past few days. These addresses have added 0.46% of the existing supply of ADA to their portfolios since July 27. This means that over $138 million worth of ADA was accumulated in about ten days.
Has the last ten days had an impact on the price? let’s see.
ADA doesn’t care
Although the whale accumulation of ADA has risen moderately since July 27, the price of alt has been consolidating mainly in a tight range since then. At press time, ADA was trading at $0.5174, successfully moving up from the $0.5105 price level at the close on July 27.
Interestingly, although the accumulation of whales has increased over the past ten days, trading activity has gradually declined during this period. At press time, the token had 520.56 million trading activity, down 47% since its July 27 high of 1.1 billion.
On the daily chart, ADA’s Relative Strength Index (RSI) and Money Flow Index (MFI) were flat at 56.18 and 62.01, respectively. This indicates a drop in buying pressure.
In terms of price, the price of ADA is up 1.42% on the chart in the past 24 hours,
According to Santiment, ADA’s 30-day MVRV rose to +5.499% during the review period. This shows that quite a few investors saw profits during this period. At press time, however, due to the weighted sentiment of negative sentiment, a price rally could be something to watch, especially for those looking to go against the crowd.
following postpone Development activity on the network has also flattened out following Cardano’s Vasil upgrade on July 28. With development activity down 0.11% over the past 10 days, one might question whether the upgrade was indeed further tested as the project claims.
The last ten days have also been marked by a downturn on the social front. Its social dominance and social volume dropped by 31% and 89%, respectively.