Cardano is currently trading at the price level $0.54 and is roughly 82.50% below the ATH value reached by the token in early September 2021. The correction has dominated the market for almost a year now, but the latest data points to a potential end to this phase of negative sentiment.
ADA has been moving sideways since mid-May, which is the first long-term phase where the price holds support. At the same time, however, it speaks of a certain indecision of the market.
Renewed interest in Cardano
According to the data Sentiment was Cardano accumulated by whales approximately worth $138 million in just 8 days. This trend started on July 27th when the coin cost $0.46 and has been growing ever since.
This event is about renewed interest despite the persistent negative market sentiment. Despite this, the accumulation process currently remains in a moderate phase, but if it lasted longer, we could witness a rocket growth in the price of Cardano.
It is also a positive event increase in wallet addresses according to Messari. They reached a new ATH of 3.7 million just recently, while Cardano has 3.1 million addresses with a non-zero value. The on-chain data for ADA seems to be a positive sign that the price of the coin could soon be on the rise changes in the long-term trend.
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