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Cardano: Here's Why Long-Term Holders Are Buying More ADA

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Mon, 12/02/2024 - 11:15
Cardano: Here's Why Long-Term Holders Are Buying More ADA
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Cardano, the eighth-largest cryptocurrency by market capitalization, has recently gained traction, with bulls pushing the ADA price to a six-day high of $0.566 on Feb. 11. Although ADA prices have retreated, the cryptocurrency is still up 7% weekly.

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At the time of writing, Cardano's ADA has fallen 3.59% in the last 24 hours to $0.536, mirroring general market declines.

However, not everyone is selling their ADA coins to take profits. According to on-chain data, a significant number of Cardano holders have held on to their coins for more than a year, demonstrating their belief in the project and its long-term potential.

These long-term holders, also known as "HODLers" in the crypto world, have faith in the asset's future value despite the market's volatility. They also provide a consistent and devoted foundation of support for the Cardano project.

According to data from blockchain analytics startup IntoTheBlock, 23% of Cardano investors have held onto their ADA in the past five years. This category of holders controls 7.085 billion ADA and has seen their holdings increase by millions of ADA since the beginning of 2024.

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Another 19.75% of Cardano investors have not sold their assets after purchasing them within the last six-to-twelve months. Investors in this class have around 6.084 billion coins, indicating that they are also optimistic about Cardano's long-term prospects.

Meanwhile, 16.74% of ADA holders have not sold their Cardano assets after purchasing them within the last 18-to-24 months. Investors in this class own around 5.1 billion coins.

On what's next for the ADA price, crypto analyst Ali envisages that Cardano might face a formidable obstacle between $0.54 and $0.56, a zone where nearly 50,000 addresses hold approximately two billion ADA. Overcoming this resistance could pave the way for a bullish move toward $0.68.

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