In a surprise turn of events, Cardano (ADA) has done better than its peers and is now the top 10 cryptocurrency asset with the best performance. At press time, the price of ADA was $0.48, which is a rise of 7.28% in the last 24 hours.
According to recent reports, Analyst think Cardano could drop out of the top 10 cryptocurrencies by market cap. Although, the most recent price increase has strengthened its position, going against these forecasts.Despite the price of ADA is going up, there is still a significant difference in how much earnings users are making.
According to data from IntoTheBlock, only 40% of people who own Cardano are currently making currency, while 55% are “out of the money.” If the price of ADA keeps going up, this ratio could change in a good way. A small rise to $0.49 would make a lot of buyers rich.
Cardano (ADA) Accumulation Trend
The accumulation trend around the current price levels is an important thing to think about. When the price was between $0.48 and $0.50, about 65,590 addresses bought 792,58 million ADA tokens. This group of holdings could be very helpful, but it could also make people want to sell ADA if it hits this average cost basis. Traders should be careful because the price could be rejected at $0.50.
On-chain data shows that ADA might be able to get around this possible problem. The trading number is one important sign. Santiment says that Cardano’s trade volume hit a weekly high of $460.77 million, which shows that more people are interested in the token. If both price increases and increases in volume continue, ADA could hit and stay at $0.50 in the near future.
If ADA sets a new support level at $0.50, investors may have more faith in its promise, which could lead to higher prices. But this hopeful scenario depends on the market as a whole staying in a good place and not hitting a cyclical peak, as some market observers have said could happen.At the time of this report, 71.91% of all ADA was owned by individual investors.
Institutional investors owned 19.47%, and whales owned 6.82%. Nearly 8% of all ADA was held by whales in 2021, when the coin hit its all-time high of $3.09. When the market went into a bear market in 2022, many whales sold their shares. But the recent trend of building up says that ADA could be getting ready for another major rally.
