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Cardano Sees Steady Growth as Big Holders Lock In for the Long Term
November 7, 2024 13:00 2 min. readWe may earn commissions from affiliate links or include sponsored content, clearly labeled as such. These partnerships do not influence our editorial independence or the accuracy of our reporting. By continuing to use the site you agree to our terms and conditions and privacy policy.
With Cardano whales holding off on selling, ADA gained 3.66% in the last day, supporting a slow but steady climb.
The latest data indicates a significant decrease in the “Large Holder Netflow” metric for ADA, which measures the net inflow and outflow of assets held by major investors. This metric fell by 1,181.52% over the past week, suggesting that these investors are moving ADA from exchanges to private wallets, likely indicating a shift toward holding long-term. Such a move could lead to a supply squeeze, which often has the potential to increase the coin’s value if demand persists.
The uptick in high volume transactions could also be a positive signal if buying activity continues.
This trend of accumulation might provide support for ADA’s price growth and potentially drive up trading volumes in the coming sessions.
Also, Open Interest (OI) for ADA has increased increased by 8% in the last 24 hours, according to Coinalyze data, indicating that more traders are opening long positions, possibly adding momentum to ADA’s current price trend.
On a broader scale, though, ADA’s Total Value Locked (TVL) has not shown significant movement, remaining neutral. An increase in TVL would likely strengthen ADA’s ongoing upward movement, signaling more robust investor interest in the platform’s ecosystem.
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