ADA up 65% In 2023 as Sharks and Whales Continue Accumulation

Santiment, the blockchain intelligence firm, tweeted today regarding Cardano’s price performance in 2023 so far. According to the tweet, the price of Cardano (ADA) has risen 65% in 2023. The intelligence firm attributes this impressive gain to the large amounts of accumulation of the altcoin by shark and whale addresses.

ADA whale accumulation (Source: Santiment)

The tweet added that ADA addresses holding between 100,000 to 100 million ADA now hold the most in their combined wallets since 8 November 2023. In addition to this, the tweet stated that the amount of $100k+ whale transactions have hit a 12-week high today.

ADA’s price is, however, down over the last 24 hours according to CoinMarketCap. At press time, ADA is trading at around $0.3999 following a 0.34% drop in price over the last 24 hours. Despite this, ADA’s weekly price performance remains in the green at +2.16%.

Daily chart for ADA/USDT (Source: CoinMarketCap)

ADA’s price is approaching a key resistance level at $0.4071. It attempted to break above this level on 2 February 2023 – setting a daily high of $0.4136. This move was short-lived, however, as ADA’s price closed the day’s trading session at $0.3981.

ADA’s current momentum favors bulls as the 9-day EMA line is positioned above the 20-day EMA line. The daily RSI indicator does suggest that this momentum will come to an end soon, as the daily RSI line is sloped negatively towards the oversold territory.

In addition to this, the daily RSI line is positioned below the daily RSI SMA line after the daily RSI line failed to signal a bullish flag by crossing above the SMA line.

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