Wealthy Cardano Holders Continue Consistent Buying Spree as ADA Price Anticipates its Next Move

According to data provided by on-chain analytics firm IntoTheBlock, Cardano's millionaire addresses are accumulating despite the recent sideways price movement of ADA. After reaching a low of $0.22 on June 10, ADA has been trading sideways.

At the time of writing, ADA had experienced a 1.79% decrease in the last 24 hours, reaching $0.289. The range-bound trading of Cardano between $0.253 and $0.305 indicates a consolidation phase that could potentially lead to positive momentum.

The data from IntoTheBlock reveals that millionaire addresses for Cardano (ADA) have witnessed an increase in holdings over the last 30 days. More specifically, Cardano millionaires, individuals who own 100 million to 1 billion ADA, have seen the most significant growth in their balances, with a 3.19% increase over the same period.

Cardano (ADA) appears to be experiencing accumulation across various tiers of address holders. Based on data from IntoTheBlock, Cardano addresses with a balance ranging from 10,000 to 100,000 ADA have witnessed an increase in holdings over the past month, with an additional 50 million ADA being added.

Looking at other tiers of holder addresses, there is evidence of mild accumulation, indicating a belief among investors that the ADA price may regain positive momentum in the upcoming days.

Photo by Michael Förtsch on Unsplash