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Cardano's ADA has been on a relentless upward trajectory over the last six weeks, marking consecutive weeks of surplus gains, with the current week showing potential for a 2% increase over the previous week's closing price. This meteoric rise catapulted ADA from $0.248 to an impressive $0.39 per token.
Investors and traders, captivated by ADA's bullish run, flocked to the market. IntoTheBlock's data reveals a significant accumulation of Cardano tokens, peaking between $0.368 and $0.391 per ADA, amassing a staggering 7.51 billion tokens.
This substantial volume acts as a double-edged sword for the ADA price. On the one hand, it forms a robust support base; on the other, it introduces an element of risk. If ADA's positive momentum falters and a correction ensues, the market could witness the release of 7.5 billion ADA tokens.
Will they be released or not?
Pivotal questions now linger in the minds of investors: when will sellers emerge, initiating actions that could potentially reverse ADA's impressive gains of the past month?
Equally important is whether those who entered the market between $0.368 and $0.391 per ADA will stand their ground, defending their positions, or opt for a strategic exit to mitigate potential losses.
Arman ShirinyanAs the crypto market watches and waits, the dynamics of ADA's trajectory will depend on the delicate balance between profit-taking and bullish resilience. The 7.5 billion ADA factor adds an intriguing dimension to the Cardano narrative, underscoring the critical importance of monitoring market movements in the coming days.
Investors are advised to stay vigilant as the ADA saga continues to unfold.
Yuri Molchan
Dan Burgin
Alex Dovbnya