All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Cardano long-term holders’ unwavering trust bolsters ADA’s ability to withstand market fluctuations.
- Analysts anticipate a bullish breakout for Cardano, with key resistance at $0.54 to $0.56. Overcoming this hurdle could propel ADA towards $0.68.
Cardano’s native cryptocurrency ADA has been making strong moves over the last two days while clocking 13% gains on the weekly chart. At press time, the Cardano (ADA) price is up 4% in the last 24 hours trading at $0.5586 with clear signals of accumulation by long-term holders.
Based on on-chain insights, a substantial portion of Cardano holders have retained their tokens for over a year, underscoring their confidence in the project’s enduring viability and growth potential.
These steadfast investors popularly referred to as “HODLers” within the cryptocurrency community, maintain an unwavering belief in the future value of ADA despite market fluctuations. This hints at a steadfast and committed base of support for the Cardano ecosystem.
Data from blockchain analytics firm IntoTheBlock also reveals that 23% of Cardano investors have retained their ADA holdings for the past five years, collectively controlling 7.085 billion ADA. Notably, these holders have witnessed steady increments in their holdings since the onset of 2024.
Additionally, approximately 19.75% of Cardano investors have refrained from selling their assets within the last six to twelve months, amassing a total of 6.084 billion ADA. This segment of investors reflects a positive outlook on Cardano’s long-term trajectory.
Furthermore, around 16.74% of ADA holders have retained their Cardano holdings for the past 18 to 24 months, collectively possessing approximately 5.1 billion coins.
Cardano Price Rally to Continue
In a recent analysis, crypto analyst Ali Martinez pointed out a significant hurdle for ADA lying within the price range of $0.54 to $0.56. It seems that the ADA price is already on the verge of a breakout from this price range.
This zone is notable as it encompasses approximately 50,000 addresses collectively holding around 2 billion ADA tokens. Overcoming this resistance barrier could potentially set the stage for a bullish surge, with Martinez suggesting a bullish move toward the $0.68 mark if this obstacle is successfully surpassed.
#Cardano faces a formidable obstacle between $0.54 and $0.56, a zone where nearly 50,000 addresses hold approximately 2 billion $ADA. Overcoming this resistance could pave the way for a bullish move toward $0.68! pic.twitter.com/SZJuDe5UQg
— Ali (@ali_charts) February 11, 2024
On the other hand, some top Cardano analysts like Pieter Nierop mention that the institutional demand for Cardano is on the rise. According to Nierop, this demand surge significantly surpasses the levels witnessed in 2021, indicating a notable uptick in interest from institutional investors. As a consequence of this heightened demand, Nierop suggests that a supply shock within the Cardano ecosystem becomes increasingly inevitable.
Institutional Demand for Cardano/ADA is Rising.
It's a lot higher than in 2021.A supply shock becomes inevitable.#Cardano $ADA
Source: Compiled from data out of Coinshares Digital Asset Fund Flows Weekly Reports pic.twitter.com/i7kbtraxHe
— Pieter Nierop – $enginedriver $cardano-express (@nierop_pieter) February 12, 2024
Recent data reveals a remarkable trend in Cardano’s inflows during the initial six weeks of 2024, nearly matching the total inflows witnessed throughout the entire year of 2023. Reportedly, the year-to-date (YTD) flows for Cardano are nearly equivalent to those of Ethereum, standing at 11 million compared to Ethereum’s 13 million. Notably, all these inflows are identified as institutional investments.
