ADA Whales Stop Selling After Testnet Hard Fork, Is A Price Rise In The Offing?

The crypto currency scene may not look very promising but this has also led to an interesting pattern-Whales have become active and this is a common phenomenon for the last one month. Data from On-chain analytics have revealed a peculiar pattern with Cardano in the last one month. In the last 30 days Cardano prices have been steadily falling from a peak of $0.64 to $0.47 now. However the whales have stopped selling and this is really surprising. Is it a sign of a price surge in the off in the near future for

ADA Hoarding By Whales On The Rise

Data released by on-chain and social metrics data provider Santiment, there has been a steep rise in whale activities and in one month, whales have managed to hoard collectively a whopping $79.1 million worth ADA to their kitty. Interestingly, this accumulation is found to have been done by addresses holding 10,000 to 100K ADA. However the whales that are hoarding 100K to 10 million ADA have stopped selling and indicates the possibility of ADA price increase in short term.

Expectation For Vasil Hard Fork For Cardano Mainnet

Vasil hard fork has been successfully executed by the Cardano’s testnet as per an announcement by the Input-Output earlier this week. The coming four weeks will see SPOs, developers and exchanges testing and enabling the testnet hard fork to make it compatible for Cardano mainnet. This upgrade is much anticipated by the Cardano community. The upgrade will significantly augment capability and performance of the Cardano network.

The bearish sentiments prevailing across the crypto sector affected almost every crypto asset and Cardano was also affected as its values tanked severely in the past one month. However, on-chain analytics data shows Cardano accumulation is on the rise in the recent times. ADA price however has been steady around the $0.47 level in the last one week.