The post Cardano Rally to $1.15 Gains Momentum as Long-Term Holders and Whales Align appeared on BitcoinEthereumNews.com.

Cardano touches $1.15, highest level since April 2022 Mean Coin Age shows reduced selling from long-term holders Whales accumulate $276M worth of ADA in past week Cardano (ADA) has achieved a significant milestone by reaching $1.15, marking its highest valuation since April 2022. This breakthrough emerges from a fascinating convergence of market forces, where both long-term holders and large investors are demonstrating renewed confidence in the asset’s prospects. Changing Dynamics of Cardano Long-Term Holders The network’s Mean Coin Age metric provides valuable insight into holder behavior. After November’s extraordinary 217% price surge triggered significant profit-taking activity, the past week has witnessed a notable shift in this pattern. Source: Santiment The metric’s upward trajectory suggests that long-term holders are now choosing to maintain their positions rather than liquidate them, contributing to the 10% price appreciation over the past seven days. This behavioral change is particularly significant because it indicates a transition from profit-taking to accumulation, suggesting that long-term holders anticipate further upside potential despite the substantial gains already realized. Complementing the long-term ADA holder behavior, large investors controlling between 100 million and 1 billion ADA have demonstrated substantial conviction by acquiring an additional $276 million worth of tokens in the past week. This whale accumulation carries special significance in the current market context, as it reduces available supply while simultaneously signaling institutional confidence in Cardano’s future prospects. The Elder-Ray Index, currently reading 0.31, provides technical validation of the bullish market structure. This positive reading indicates that buying pressure continues to dominate selling pressure, supporting the potential for continued upward movement toward the $1.30 level, a price point not seen since January 2022. However, market participants should remain mindful of key support levels at $1.09 and $0.92, as any significant distribution could trigger a test of these prices. The convergence of reduced selling…

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Filed under: News - @ December 2, 2024 10:28 pm