BlocksInform
The prize of the chip native to the cardano intelligent contract platform, $ada, increased by over 10 per cent this year, in an era when whales on the cryptocurrency network began to accumulate again.
Based on the health of the chain analysis society, addresses holding between 1 million and 100 million $ada (worth around $270,000 and $27 million at the time of writing) could be a main validator to watch for a potential price breakout.
These whales are believed to have the ability to significantly impact the price of the cryptocurrency through their activity and after dumping over 560 million $ADA over the final two months of 2022 have restarted accumulating this year, adding 217 million tokens to their stash so far.
?? #Cardano is enjoying a mini surge at this hour, and addresses holding between 1M to 100M $ADA may be a main validator to watch for a price breakout. In the aftermath of dumping 568.4.M coins the final 2 months of 2022, they have added back 217.2M $ADA to start 2023. https://t.co/4aVmr641Lh pic.twitter.com/6mSVYKYfpY
— Santiment (@santimentfeed) January 6, 2023
It should be noted that shares of a category of individual holders should not be considered as a final indicator of market orientation, like the price of every asset is finally determined by the dynamics of supply and demand.
As cryptoglobe pointed out, the cryptocurrency community has set an upward price target for $ada this month, likely taking into account the increasing adoption of the network. The average of nearly 3,400 cryptocurrency community members points to the smart contract platform’s price trading at $0.495 by the end of January, representing an 83% rise from $ADA’s current $0.27 level.
It is important to note that the predictions of the cryptocurrency community may not come to fruition at all. Platform-dependent, the historical precision of the community is slightly more than 41%, Based on recent data, it was around 60 per cent in September and October 2022, reaching 6.8 per cent in December.
According to an analysis by on-chain analytics firm Santiment Cardano may be “severely undervalued” His analysis showed that the addresses of sharks and whales (possessing between 100,000 and 10 million chips) have been actively accumulating ADA for six weeks.
In its latest Asset Report, CryptoCompare revealed that following the collapse of FTX there was a rising trend in users moving their assets off of centralized cryptocurrency platforms and moving them to decentralized solutions and self-custody.
The movement, cryptocompare writes, has led to an average peak of everyday active users on the intelligent contract platform. In total, Cardano’s daily active users rose 15.6% to 75,800 last month, the highest number recorded since May.
Likewise, monthly transactions on the Cardano network also grew by 5.34% to reach 2.32 million last month, the largest volume of transactions since April.
