ADA investors can expect some roadblocks on the way to 2023. Details inside…
December 28, 2022
By Abiodun Oladokun
An assessment of a series of on-chain metrics hinted at the commencement of a bull run
In the mean time, sellers still had control of the ADA market
On-chain assessment of Cardano [ADA] revealed a series of bullish activity hinted at the commencement of a new bull cycle in 2023. A look at ADA’s supply distribution revealed a pattern of coin accumulation by shark and whale addresses that hold between 100,000 to 10 million ADA coins.
According to data from on-chain analytics platform, Santiment, this cohort of ADA investors accumulated aggressively since 8 November. The count of these addresses has since gone up by 4%.
However, within the same period, ADA’s price dropped by 42%. The opposite movement of ADA’s supply distribution and its price created a bullish divergence that often results in the exit of sellers from the market.
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