- Cardano price could recover from the downtrend as large wallet investors increase their holdings of the altcoin.
- Cardano accumulation by whales is on, fueling a bullish outlook among investors.
- Analysts believe Cardano could regain lost ground with a 25% price rally.
Cardano price could gather momentum, breaking out of its downtrend and post a new high according to analysts. Large wallet investors have increased Cardano holdings, adding more ADA to their portfolio. Cardano price could retrace, recovering its losses over the past few months.
Cardano price likely to post 25% gains
Cardano price could increase consistently, posting 25% gains in the altcoin. Across cryptocurrency exchanges, large wallet investors are accumulating the altcoin.
There is an expansion in Cardano holdings as DeFi protocols have attracted more investors to the altcoin. The number of whales that accumulated Cardano has increased, their holdings are up 40% within the past year.
The rise in the number of Cardano whales is indicative of a spike in investor interest in the altcoin. As large wallet investors accumulate the Ethereum-killer, it reduces the circulating supply of Cardano.
Developer activity on the Cardano network has increased, based on data from GitHub commits. Growth in DeFi has been reflected in the Cardano network's expansion and increase in holdings of investors.
Wallet addresses with 1 million to 10 million hold a combined 12 billion ADA tokens. According to crypto intelligence firm IntoTheBlock these holdings are worth $10 billion.
The total value locked in the Cardano network increased consistently, from $1 million to an all-time high of $162 million over the past year. The increase in total value locked is indicative of higher demand for Cardano.
FXStreet analysts believe Cardano cycle was 180 days, it has extended to 198. After plunging from its all-time high, Cardano price is ready to regain lost ground and post 25% gains.
