Cardano [ADA]: Why Q1’s strong whale activity may boost investor confidence

ambcrypto.com:

Not so long ago, crypto bears had high favor for Cardano [ADA]. This situation led to heavy losses for hodlers hoping to secure the cryptocurrency at a discount. Now that Q1 is done and dusted, it is important to look back at the changes that have taken place since then.

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One of the most notable changes is a dynamic shift, where whales have been scooping up ADA. It would eventually become discounted enough for whales to pass up, and that may just be what happened at the start of Q1. ADA could have bounced back strongly on the backs of whales accumulating at discounted prices.

But new reports suggest that ADA maintained the strong whale demand in Q1.

— Ali (@ali_charts) April 3, 2023

According to recent observations, Cardano whales have been adding inflating their ADA bags in the last four weeks. Addresses holding between 1 – 10 million ADA reportedly added roughly 150 million ADA coins into their holdings. The same amount is worth $60 million at press time market value.

The above data showed a bullish bias among the whales. This is reflected in ADA’s supply distribution, which revealed that addresses holding between 1000 – 10 million ADA have been accumulating. The same data revealed that addresses in the 10 million to 100 million bracket have been contributing to sell pressure since 26 March. The latter category controls most of ADA’s circulating supply.

Source: Santiment

ADA managed to hold on to most of its gains despite the sell