Tue, 12/12/2023 – 15:15
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On-chain data provider Santiment has published an X post to show that Cardano has proved resistant to a large investor outflow in mid-November and even managed to increase in price quite significantly.
ADA rises 65% thanks to small whales
The Santiment analytics team shared that on November 17, Cardano lost 98.1% of whales that held between 1-10 ADA coins – small-sized investors. This was a loss of 34,900 wallets.
The X post says that a big decline on wallets of that size or smaller is a sign of capitulation but the good news here is that this is also “a potential price turning point”.
Since then, Santiment stated, Cardano’s native token ADA skyrocketed by over 65%.
Since the start of December alone, ADA has added 70% to its market value and on December 9 it soared to $0.636. A 17% decline followed that peak and then over the past 24 hours until now, the price recovered, gaining another 13%. At the time of this writing, ADA is changing hands at $0.590 on the Binance exchange against the USD.
ADA targets $0.75 in December
Over the weekend, popular crypto analyst Ali Martinez tweeted he expects that ADA may surge to the $0.75 level by the end of December (and would finish 2023 with this significant price increase). Back on Saturday a rise to that price mark would have required a roughly 38%-increase.
Now, after the growth Cardano staged over the past few days, it needs to add another 28%. Martinez stated that currently, ADA is mirroring the curve last seen around three years ago (minus the dip taken because of the pandemic). During those three years, ADA has seen an ATH of $0.2 in late 2020 and then smashed $3.058 in the summer of 2022.
Overall, the Cardano network is doing fine regarding volume and transactions at the moment, with more than 400 million US dollars in total value locked. Over the past seven days, the transactions volume has increased by 186% and around 50,000 wallets have been active over the past 24 hours.
Last week, large-sized whales also were quite active in purchasing ADA as they accumulated 7.51 billion ADA worth $3,267,431,182 when it was trading between $0.368 and $0.391.