Cardano Whales Devour Dip, Why They Don’t Care About Price Action

Despite the crypto market’s bloodshed, in the past few days, the Cardano (ADA) trading activity has been relentless, and its holders’ balance remains strong with a multi-year high. Into The Block data indicates that the wallet balance held by long-term Cardano holders hit a multi-year high on February 23. “Regardless of the price action, Cardano‘s holders remain strong. The balance held by HODLERS- addresses holding >1 year, is at a multi-year high. These HOLDERS increased their positions to 10.12b $ADA, the largest balance since December 11, 2019.” Despite the geopolitical tension causing the altcoin’s price to drop dramatically, traders have increased their position of Cardano. Holders have accumulated the highest balance of ADA since December 2019. Cardano’s network recent developments might be serving as fuel to its supporters, and as a consequence, many believe its price will climb. “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 noted. A Finder’s poll indicated several analysts believe the price of ADA will reach $58 by 2030, and a few thought it might close this year at $2.72, a 160% increase. Many traders received the $58 prediction as an exaggeration unless the Cardano ecosystem truly manages to explode during the following years. Expert Vanessa Harris was also bullis...