ADA’s price has followed a steady downward trend since August 2021, regardless of the network’s recent upgrades. After February 20, the price of the token actually fell below $1, registering a 4.92% drop in the past seven days. At the time of going to press, ADA’s price was $0.88 – a 24-hour decline of 3.47%. But the important question here is: was it really important to the community?
Don’t look up
The community continued to support the platform despite the noise surrounding the slow development. More people bought coins with deposits at addresses reaching 12.4 billion ADA after three months of accumulation in 2022.
The balance held by addresses with short and medium term holders (1m – 10m) grew exponentially in 2022. It rose from 8.09 billion to 12.19 billion ADA, an increase of +9.73%. Interestingly, it hit a new ATH of 12.47 billion ADA held by the addresses on March 1.
Source: TwitterOn-chain analytics company Saniment sheds light on a different set of holders. Cardano addresses with between 100,000 and one million ADA bought large amounts of tokens on March 2. Taking advantage of the obvious price dip. tthe number of addresses with 100K to a million ADA boasted more than 16,000,000 ADA in the past 24 hours.
This represented the largest one-day spike in Cardano whale accumulation in months. Needless to say, these bullish statistics have been supported by solid developments. On March 3, Cardano launched a new upgrade of his Daedalus wallet on his mainnet, with several improvements to the user interface (UI).
The Cardano team has posted the release notes on its website to explain the improvements and new features in detail. This development included improvements in sync times and reductions in memory usage.
It gave the user more information about what the node is doing ‘under the hood’, especially at startup.
7th time lucky?
It is important to note that ADA has formed a red monthly candle for the seventh straight month.
$ADA Working on the 7th Consecutive Red Monthly Candle. pic.twitter.com/1AMPRSyYSo
— CryptoDude (@cryptodude999) March 3, 2022
The monthly red candle series has followed Cardano since September 2021, with the last green candle glowing in August 2021.
This post Accumulation phase for Cardano continues; Should ADA Holders Prepare For Bull Run
was published first on https://ambcrypto.com/accumulation-phase-for-cardano-continues-should-ada-holders-get-ready-for-a-bull-ride/