While the price of Cardano ($ADA) has been performing poorly since the beginning of the month, billionaires on the cryptocurrency’s network have continued to acquire tokens over the past two weeks.
According to blockchain data revealed by renowned cryptocurrency analyst Ali Martinez, significant Cardano holders have acquired an astounding 560 million ADA tokens, valued at $218.4 million.
This trend indicates that institutional investors and affluent individuals are becoming increasingly interested in Cardano, indicating a robust favorable outlook for digital assets. Cardano is consistently gathering traction as a competitor to Ethereum (ETH) and other major market participants.
However, it appears that the recent purchasing binge has resulted in a price increase for ADA. Whales appear to have taken advantage of the recent price decline to increase their crypto holdings. Cardano is trading at $0.409 at the time of writing, a 5% increase in the last twenty-four hours.
Cardano’s price increased alongside those of other major digital assets during a cryptocurrency market recovery that saw Bitcoin’s price surpass the $30,000 threshold for the first time in 10 months.
According to Martinez, the price of ADA might begin a bull run if it succeeds to break through a crucial level that now hosts a “colossal sell wall” consisting of 3.85 billion tokens being sold, as reported by CryptoGlobe. This wall is approximately $0.40 to $0.42.
Notably, the cryptocurrency community anticipates that the price of ADA will decline during the month of April, despite the fact that its adoption is increasing and billionaires are accumulating the network’s native token.
According to users who submitted price predictions, respondents predicted that ADA would conclude April trading at $0.37 per token, a significant decrease from its current price.
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