ADA Rebounds from Two-year Lows as Cardano Gains Traction Among Whales

Jan 05,2023
ADA Rebounds from Two-year Lows as Cardano Gains Traction Among Whales

The price of Cardano's origin currency, ADA, has finally rebounded from a two-year end of $0.24, having experienced a four-week long-term decline. Since early December, the value of ADA has shrunk by more than 25%, returning to slightly more than 1/3 in January of the Lunar New year, but still at the price it was in early 2021.

In addition, the results of WhaleStats show that large and medium-sized BNB holders are gradually taking the initiative to buy Cardano tokens again. Since the beginning of this year, Ada has been a long way ahead of these investors in terms of trading volume and number one in terms of sales.

Two-sided whale

The largest BNB whale now has 19.9 million ADA in its total asset allocation, equivalent to $5.19 million, or 0.68 per cent of the total. Interestingly, this investor has seen his ADA trading position fall from 211854 tokens to 907 tokens over the past 30 years.

Such large and medium-sized investors' large-scale selling of Cardano dynamic passwords may be one of the metal catalysts that caused the password sales market to log in in December to find an abnormal decline compared with other encryption markets.

Therefore, it can be said that the market price of Cardano tokens so far is purely technical and needs to be "gasped" after a large-scale sell-off. It is likely that ADA will continue this trend in the short term, without any worldwide unrest.