Cardano’s dormant holder activity hits 18-month high; Can it move ADA price?

As the bullish trend in the cryptocurrency market starts to slow down, Cardano (ADA) has been leading the price decreases, threatening to reverse its gains from the past weeks, but a couple of developments involving both its dormant and wealthiest cryptocurrency holders could be a good sign.

Specifically, Cardano recently recorded a massive increase in the activity of its dormant holders, and October 30 was the largest day for old ADA tokens movement in a year and a half, as per the information shared by the crypto analytics platform Santiment in an X post published on October 31.

Indeed, according to the data spanning back to several months ago – to early July 2023, the amount of Cardano tokens multiplied by the length of the dormancy period has hit 0.000011 – its highest level in 18 months or since April 2022.

At the same time, the token’s largest holders or ‘whale’ and ‘shark’ crypto wallets, holding between 100,000 and 10 million ADA, have started accumulating again, jointly swelling their coffers by 43.71 million ADA ($12.73 million) in just two weeks, demonstrating their optimism in a future rally.

Cardano whales and ADA age. Source: Santiment

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Meanwhile, Cardano was at press time changing hands at the price of $0.2914, recording a decline of 1.82% in the last 24 hours while still holding onto the 3.67% gain across the previous seven days and advancing 8.99% on its monthly chart, according to the latest data on November 1.

Cardano 7-day price chart. Source: Finbold

Indeed, judging by the positive sentiment coming from Cardano’s largest and oldest holders, ADA could be looking at a bullish price recovery in the future. However, it is important to consider other factors playing into the price, including chart patterns and network development.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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