Türkçe
Español
On March 11, 2024, Cardano (ADA) reached its periodic peak of $0.77. Since then, ADA has been on a downward trend. As of the time of writing, the altcoin is trading at $0.407, marking a 48% decrease. Despite the decline, on-chain data reveals that ADA holders are increasingly refraining from selling.
Current Status of Cardano Investors
Recently, there has been a decrease in ADA’s distribution. This is evident from the rising Average Coin Age and Average Dollar Invested Age. On-chain metrics show a 7% increase since the upward trend was observed on May 30. According to Santiment’s data, ADA’s Average Coin Age is 510 days, and the Average Dollar Invested Age has risen to 585 days, both reaching peak levels.
To briefly explain, the average coin age of an asset reflects the average age of all coins or tokens in circulation. For investors, it indicates how long coins have been held on average. On the other hand, the Average Dollar Invested Age reflects the average age of each dollar invested in a coin’s market value.
Overall, the increase in ADA’s average coin age and average dollar invested age over the past two months is seen as a bullish indicator. It suggests that investors are holding onto their coins, reducing selling pressure.
This situation is also reflected in data provided by IntoTheBlock, showing a parallel increase in large investor inflows for ADA, which have surged over 20,000% in the last 90 days.
How Much Will ADA Be Worth?
Recent movements of ADA investors indicate that purchases have outpaced sales. However, this situation is associated with long-term expectations, suggesting a potential short-term decline.
ADA could potentially drop to $0.31, a level last visited on October 31, 2023, if the price decline continues. Conversely, if the trend reverses and buying momentum increases, ADA could rise back to $0.43.
