The crypto space is witnessing a minute roller coaster ride, with the price undergoing small ups and downs. Besides some of the prices of the tokens like Cardano remained plateaued with an equal brawl between the bulls and the bears. However, the stagnant trend is expected to vanish very soon as the fractal represented a revival of a bullish trend very soon.
Over the past week, ADA’s price declined sharply, seeing a double-digit drop of over 14%. With the decline, sharks increased their accumulations to levels not seen since June 2021.
As per the data from Santiment, the Cardano sharks have been accumulating steadily since June 2022. Moreover, they utilized the great buying opportunity after the FTX collapse when the prices were slashed to its half.
“Major Cardano shards have been accumulating steadily since June. And they have taken this decline to a whole new level since the FTX fall in early November. Addresses holding 10K to 100K $ADA have seen significant gains since Nov. 83M worth of coins added,”
Besides the social dominance of the token has also raised significantly, immediately after the FTX debacle. The levels soared from the lows of around 0.55% during the mid of November to as high as 1.63% by the end.
Additionally, the total weighted sentiment that combines all positive and negative mentions and compares them with frequency over time also increased significantly. This indicates that the market participants are bullish on the asset and hence are preparing to make a big move as soon as possible.
Besides, the dormant tokens which were not been moved in the past 3 years were moved during the same time marking a gigantic move incoming very soon.
Collectively, all indicators are pointing towards Cardano price preparing for a longer uptrend, aiming to reach new highs after market sentiments rebounded from the bearish trap. With a move, ADA price could very soon move higher to recapture the lost levels.
