Cardano bottomed out at $0.81 yesterday after losing the $1 support. ADA, which started a rapid return from the bottom levels, rose to $ 0.93 with an increase of 8 percent today, and again exceeded the market value of $ 30 billion.
According to Santiment data, investor addresses holding 10,000 to 100,000 ADA coins have increased their assets by 6 percent since the beginning of the year. On the other hand, it is seen that investors holding ADA over 100,000 are on sale in the last 3 months. The ratio of larger ADA holders to the total supply of crypto-assets in their portfolios in the last 3 months has decreased from 37 percent to 17 percent. Purchases from a more active subgroup, on the other hand, fell short of balancing these sales. However, this situation can also be interpreted as the spread of ADA capital to the base.
Cardano (ADA) has lost 70 percent of its value from its current price after reaching an all-time high of $ 3 in September 2021. According to recent reports, ADA whales draining their portfolios is seen as a major factor in this decline. The continuation of purchases in a sub-category has not reached enough volume to break the downtrend so far.
Another factor putting pressure on ADA coin can be seen as the increase in ADA sell positions on major crypto exchanges where futures are traded. Recent reports indicate a concentration of ADA shorts in futures. In case of a possible jump, the liquidation of these positions may occur as a decrease in selling pressure.
The total value locked in smart contract platforms on the Cardano network appears to be $126 million today. After the funds hovered just under $130 million last week, dropping to $115 million yesterday, there is a surge in locked funds in the Cardano network today. Among the DeFi platforms in the Cardano network, SundaeSwap holds a significant weight in the network with 98 percent of the total funds.