Cardano flashes 2020-style whale signal, yet ADA drifts lower - Why?
Tech Cardano flashes 2020-style whale signal, yet ADA drifts lower – Why? Cardano [ADA] is a major crypto, but has continued to decline even when most altcoins saw slight recoveries. The altcoin season index climbed above 40 in the past two weeks, but the ADA price continued to tighten to the downside. However, whales are not letting this discount go unnoticed. They are back to record levels in terms of accumulation, but will this salvage the altcoins weak prices? Cardano whale holdings hit record levels in years As per Santiment data, wallets with at least 1 million ADA, referred to as whales, held 25 billion tokens. This is the highest level since late 2017, when whales held about 22.85 billion tokens. At press time, these whales controlled more than 67% of the ADA supply. This was another record since July 2020. In 2020, Cardano rallied from $0.23, the current price, to around $3 during the altcoin season of 2021. Source: Santiment The data suggests that big players, such as institutions and whales, are confident in their ability to gain, indicating a bullish outlook for the long term. ADA price in compression On the charts, the altcoin has been consolidating in what appears to be a triangular pattern. The price of Cardano