February 12, 2024

Cardano's Long-Term Holders Show Confidence Amid Market Volatility

Emily Tremblay
Written byEmily TremblayWriter
Researched byNikos PapadopoulosResearcher

Cardano, the eighth-largest cryptocurrency by market capitalization, has recently gained traction, with bulls pushing the ADA price to a six-day high of $0.566 on Feb. 11. Although ADA prices have retreated, the cryptocurrency is still up 7% weekly.

Cardano's Long-Term Holders Show Confidence Amid Market Volatility

At the time of writing, Cardano's ADA has fallen 3.59% in the last 24 hours to $0.536, mirroring general market declines.

Long-Term Holders Show Faith in Cardano

Despite the recent market volatility, a significant number of Cardano holders have demonstrated their belief in the project's long-term potential. According to on-chain data, many ADA holders have held onto their coins for more than a year, indicating their confidence in the asset's future value.

These long-term holders, also known as "HODLers" in the crypto world, provide a consistent and devoted foundation of support for the Cardano project.

Distribution of ADA Holdings

Data from blockchain analytics startup IntoTheBlock reveals that 23% of Cardano investors have held onto their ADA for the past five years, controlling 7.085 billion ADA. Another 19.75% of investors have not sold their assets after purchasing them within the last six-to-twelve months, owning around 6.084 billion coins. Additionally, 16.74% of ADA holders have not sold their Cardano assets after purchasing them within the last 18-to-24 months, owning around 5.1 billion coins.

Overcoming Resistance for a Bullish Move

Crypto analyst Ali predicts that Cardano may face a significant obstacle between $0.54 and $0.56, where nearly 50,000 addresses hold approximately two billion ADA. However, overcoming this resistance could pave the way for a bullish move toward $0.68.

In conclusion, Cardano's long-term holders demonstrate their confidence in the project's future value. Despite market fluctuations, these HODLers provide a strong foundation of support for Cardano. The distribution of ADA holdings among long-term investors further highlights their optimism about the project's long-term prospects. Overcoming resistance levels could lead to a bullish move for the ADA price.

About the author
Emily Tremblay
Emily Tremblay

Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.

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