Altcoins

Traders Double Their Cardano Holdings! Is ADA Price Massive Rally Imminent?

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Feb 2, 2022

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Cardano

Cardano (ADA) appears to be preparing a probable breakthrough from its current price range after successfully retesting the $1 critical support, assuming the recent crypto bullish trend continues. Over the last 24 hours, the ADA coin has seen a 13 percent increase in trading volume, favoring the bulls.

The token is developing some under-the-radar positive fundamentals, according to crypto analytics firm Santiment (ADA). According to them, as ADA trades at $1, deep-pocketed Cardano investors have suddenly doubled down on their bets, adding over 113 percent more coins to their stacks.

Cardano’s price, like that of many other altcoins, has dropped by 34% in the last ten days. Large addresses holding between $10,000 and $1 million ADA, on the other hand, have accumulated $53.6 million in tokens since the decline on January 17th.

Ethereum

Santiment claims that Ethereum (ETH), the second-largest cryptocurrency by market value, is maintaining a steady climb inactive addresses, which the firm believes will sustain price stability for ETH.

Ethereum has reclaimed the $2,550 level as the week comes to a close. The number two crypto asset by market cap should sustain stable values if utility continues to rise, with Bitcoin concluding the week with a good boost of its own and ETH’s active address maintaining stability.

Santiment is also keeping a close eye on Chainlink, a decentralized oracle platform (LINK). According to the business, weak LINK holders have been driven out during the current market correction, and FUD (fear, uncertainty, and doubt) has likely peaked.

Between January 10th and January 24th, Chainlink’s price was halved. The reaction to the popular ETH-based asset was predictably negative. LINK has returned a modest +7% in the last four hours, with the FUD appearing to be at its pinnacle.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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