Over the past seven days, the capitalization of the Cardano cryptocurrency (ADA) has grown by almost 23% to $40.143 billion.
Altcoins are very popular among whale wallets. In February, the largest ADA addresses holding from 1 million to 10 million coins accumulated almost 25% of the total supply of this cryptocurrency.
Trader Ali Martinez, citing data from Santiment, said that since March 21, the number of whales controlling between 1 million and 10 million ADA on the Cardano network has reached 42, an increase of 1.7%.
On March 28, on the Cardano blockchain, whales made transactions totaling more than $69 billion. Martinez does not exclude that the ADA rate will soar to $2 already in the current cycle.
Support around $1 should work if the negative trend returns. The nearest resistance zone is expected to be around $1.36.
At this price, 690,000 addresses previously purchased 6.41 billion ADA, the analyst noted. According to his estimates, the pressure will increase as the altcoin approaches this mark.
According to the IntoTheBlock platform, 34.87% of addresses remain profitable on the network now. 55% of wallets began to suffer losses as a result of the sale of cryptocurrency arranged by investors in January-March.