Cardano (ADA) Sees Surge in Demand as Whales go on Buying Spree
The price of Cardano (ADA) has been struggling since it lost the support of $0.40, but now things are starting to look brighter as ADA is gaining momentum.
However, there has been a significant increase in market activity from Cardano whales over the past two weeks. These large holders have purchased a total of 560 million ADA tokens, worth approximately $218.4 million.
— Ali (@ali_charts) April 9, 2023
This surge in demand suggests that institutional investors and high-net-worth individuals are finding Cardano increasingly attractive as a competitor to Ethereum (ETH) and other major cryptocurrencies.
Despite the recent buying spree, the price of ADA has not experienced a significant increase. Cardano whales have taken advantage of the recent price drop to expand their holdings through the “buy the dip” strategy.
ADA is currently priced at $0.409, up 5.36% in the last 24 hours and has a market worth of $14.2 billion, holding the seventh place among the most valuable digital assets, according to CoinMarketCap data.
Cardano’s technical analysis (TA) on TradingView’s 1-day gauges indicates a bullish sentiment, with oscillators pointing at ‘neutral’ and moving averages indicating a ‘strong buy.’
Additionally, ADA’s updated roadmap for Hydra, a solution for L2 scalability, has refocused attention on the cryptocurrency. It offers developers a way to boost transaction speed and reduce network costs.