A crypto analytics firm says Cardano (ADA) whales are gobbling up ADA despite the crypto asset’s serious price struggles recently.
According to leading crypto analytics firm Santiment, Cardano whale addresses holding between 1-10 million ADA accumulated an additional 196 million ADA in the past five weeks after seven months of dumping the crypto asset.
Cardano is trading at $0.773965 at time of writing. The 9th-ranked crypto asset by market cap is down more than 34% compared to where it was priced one month ago. Santiment says the Ethereum (ETH) competitor is trading at its lowest level since February of last year.
The analytics firm also notes that the decentralized oracle Chainlink (LINK) has hit its lowest price level since December 2020.
Santiment says it’s not all bad news for LINK, however.
“The good news is that capitulation and FUD [fear, uncertainty, doubt] signs are forming amongst traders, with sentiment dropping to 3-month low negative levels. Prices typically bounce in these scenarios.”
Chainlink is trading at $11.20 at time of writing. The 27th-ranked crypto asset by market cap is down more than 36.5% in the past month.
According to Santiment, traders appear to be feeling more optimistic about Bitcoin (BTC), which is actually a potentially bearish indicator for the top crypto asset.
“Exchange funding rates for Bitcoin have shown a bias toward longing once again after the trading week originally opened with significant profit-taking. We ideally look for a certain level of crowd FUD for optimal price rise conditions.”
Bitcoin is trading at $37,897.06 at time of writing, down more than 17% in the past month.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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