Cardano Attempts Strong Recovery! Whales Stand the Ground

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The price of Cardano (ADA) has risen as the weekend begins to buck the previous day’s trend. The altcoin has dropped significantly in recent days and is now trading at a critical support level. Beyond it, a breach of its two stable support levels might send the price crashing to $0.74.

The ADA/USD currency pair is currently trading at $0.87, up 2.45 percent on the day. According to CoinMarketCap, the seventh-largest cryptocurrency by market cap had a 24-hour trading volume of $2,521,406,343.

Cardano (ADA) has dropped approximately 28% in the last week and is currently hovering above the $0.85 support level on the daily chart. Bulls are likely building momentum to surge forward as ADA attempts to penetrate over this level.

Whales in Action!

Despite the bloodbath in the crypto market, Cardano (ADA) trading activity has been steady in recent days, and its holders’ balance has remained strong at a multi-year high. According to Into The Block data, long-term Cardano investors’ wallet balances touched a multi-year high on February 23.

Cardano’s holders remain robust despite the price action. HODLERS-addresses held for more than a year have a multi-year high in their balance. These HOLDERS boosted their holdings to $10.12 billion $ADA, the most since December 11, 2019.

Despite the fact that geopolitical tensions have caused the altcoin’s price to plummet, traders have boosted their holdings in Cardano.

Since December 2019, holders have amassed the greatest ADA balance. Recent advances in Cardano’s network may be providing fuel to its fans, and as a result, many anticipate its price will rise.

“Every bounce is still getting sold off, waiting for a final leg down before a reversal. Would consider buying this at 0.50,” an analyst said. 

According to a Finder’s poll, various analysts predict that the price of ADA would reach $58 by 2030, and that it will conclude this year at $2.72, a 160 percent increase. The $58 projection was dismissed by many traders as an exaggeration until the Cardano ecosystem genuinely explodes in the next years.