The price of Cardana rose to $0.57 on Friday, hitting a three-month high. Almost 80% of Cardano wallet addresses are currently profitable, setting up ADA for a sell-off. Small Cardano investors accumulate ADA tokens, while large wallet investors distribute their holdings.
The price of Cardana has climbed to $0.57 after a three-month wait for ADA holders. The Ethereum alternative token has been growing along with other leading cryptocurrencies. The increase in the price of Cardana is accompanied by the distribution of shares in whale wallets.
The price of Cardano has reached its highest level in three months
The price of the cryptocurrency climbed from $0.38 on December 1 to $0.57 on Friday, an increase of just under 60%. At the current price level of $0.57, according to IntoTheBlock data, it is sitting almost 80% of Cardano wallet addresses on unrealized profits.
ADA Award a correction is imminent, if the wallet addresses mentioned above would realize their profits. And that’s because it would increase selling pressure on the asset.
On-chain metrics paint a bearish view
Large investors holding ADA tokens distributed their sharey from September 24. While retail investors holding 1000 to 1 million ADA tokens consistently accumulated. According to data from Santiment, this means distribution by big wallets and accumulation by retailers.
Usually, the price is accompanied by a dip when taking profits by big players. However, in this case, the price of ADA has increased despite the current situation.
The ratio of market value to realized value (MVRV) for a 30-day period is 19.59%. This is the highest value in three months, according to data from Santiment. This is probably a bearish signal for ADA because holders who acquired Cardano in the last 30 days are sitting on unrealized gains.
At the time of writing, the price of Cardana is trading above the $0.59 level after giving ADA holders nearly 40% weekly gains.
2023-12-09 13:00:00
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