For any cryptocurrency project, addresses that hold between 10,000 and 10,000,000 of the project’s tokens are key stakeholders. Their trading activities are a determining factor in what to expect from the price of the token.
According to data from Sentimentaddresses containing from 10,000 to 10,000,000 Cardano’s ADA tokens have intensified their rallying trend in recent days. As of July 27th, these addresses have added a total of 0.46% of ADA’s existing supply to their portfolios. This represents over $138 million worth of ADA accumulation in approximately ten days.
Has there been any price impact in the last ten days? Let’s take a look.
ODA is not interested
Despite a mild increase in ADA accumulation by whales since July 27, the alt price has mostly consolidated in a narrow range since then. Trading hands at $0.5174 at press time, ADA managed to rally from the $0.5105 price level at which it closed the trading day on July 27.
Interestingly, despite an increase in whale aggregation over the past ten days, commercial activity within this period has seen a gradual decline. At 520.56 million at the time of publication, the token’s trading activity is down 47% from a high of 1.1 billion on July 27.
On the daily chart, ADA’s Relative Strength Index (RSI) and Money Flow Index (MFI) appeared flat at 56.18 and 62.01, respectively. This showed a reduction in buying pressure.
On the price front, the last 24 hours saw a 1.42% increase in ADA prices on the charts,
Performance in the chain
According to Santiment, during the period under review, ADA’s 30-day MVRV rose to +5.499%. This suggests that a significant number of investors had made profits during this period. However, with sentiment weighted in the negative at press time, a price bounce could be something to watch out for, especially for those looking to go against the crowd.
Following the postponement of Cardano’s Vasil upgrade on July 28, the network’s development activity has also leveled off. With a 0.11% decrease in development activity over the past 10 days, one could question whether the upgrade was actually moved for further testing as the project claims.
The last ten days were marked by a decline on the social front as well. Social dominance and social volume decreased by 31% and 89% respectively.