Cardano (ADA) Rising in the Hands of Big Players: Price Can Go Up Further! - Coin Bulletin

Analysts are looking hopefully at future price movements with the continued support of major players for the market's established altcoin.

On-chain analysis platform Santiment highlighted Cardano (ADA) investors' long-term accumulation trend. In particular, whale and shark investors, continuously increased their ADA holdings over the past 15 months. Despite market fluctuations during this period, ADA price surged by 107% and gained strong momentum.

According to Santiment's report, wallets with 1 million ADA and above continued their purchases without being affected by price volatility. Since November 2023, large investors have added a total of 1.41 billion ADA. This amount is equivalent to 2.35% of ADA's total supply, valued at approximately 1.096 billion dollars.

This major accumulation trend has provided significant support for ADA's price movements. In particular, ADA's positive divergence on days of high market volatility was a notable development for investors.

ADA price could rise further

Since November 2023, ADA price has risen by 107% as large investors have started accumulating. Santiment noted that if this trend continues, ADA's price performance could further strengthen.

On the other hand, the submission of Exchange-Traded Fund (ETF) applications to the U.S. Securities and Exchange Commission (SEC) for ADA is also increasing the interest of large companies in the project. Greater adoption of ADA by institutional investors could have a positive impact on its price in the long run.

In light of these developments, the continued accumulation of ADA by large investors indicates the potential for further growth of the cryptocurrency in the future.