Cardano (ADA) is preparing for a significant upgrade, which is generating a mix of responses from its community. Large holders of ADA are taking measures that might impact the cryptocurrency’s price.
Data from IntoTheBlock reveals a 99.79% decrease in Cardano’s Large Holders Inflow. This metric tracks the movement of funds into addresses owned by substantial investors.
A spike indicates strong buying activity, potentially reversing a correction. Conversely, the current decline suggests that major investors are divesting their holdings.
This drop could indicate decreasing confidence in ADA or portfolio rebalancing ahead of a possible altcoin season.
Cardano Large Holders. Source:IntoTheBlock
The upcoming Chang hard fork, expected to complete by the end of July, may be influencing investor behavior. A hard fork represents a significant change in a blockchain's protocol. Cardano’s last major upgrade in 2021 saw ADA’s price increase from $1.35 to $3.10 within a month. Some holders might be anticipating a similar price surge.
On-chain data indicates a growing optimism among market participants, despite a currently negative Weighted Sentiment rating. A shift to a positive sentiment could boost demand for ADA and support its price above $0.40.
Cardano Weighted Sentiment. Source:Santiment
Cardano Daily Analysis. Source:TradingView
The upcoming Chang hard fork and the current market sentiment suggest potential for ADA's price to rise, despite the recent exodus of large holders. The technical indicators support a bullish outlook, indicating that ADA could experience a price increase in the near term.
Charles Hoskinson addressed the negative sentiment surrounding Cardano, stating it stems from the network's transition into the Voltaire era, which aims to decentralize governance and address long-standing issues. He emphasized that Cardano's transparency and unique governance set it apart from other blockchains, reinforcing its commitment to innovation, privacy, and long-term growth.
AnaisCardano has begun the first stage of its transition to decentralised governance with the Chang hard fork, which will be completed in 90 days, shifting power to community-led bodies.
SanyaCardano creator Charles Hoskinson is offering $1 million to anyone who can crack the new Lace Paper Wallet, a challenge open until the end of 2024. Is this a masterstroke of innovation or a high-stakes gamble?
KikyoThe speculation around a Cardano ETF could potentially drive ADA towards its previous high of $3.10. With current trading prices around $0.391 and a significant support range, there may be opportunities for a price rebound.
Xu LinHoskinson predicts Cardano could surpass Bitcoin due to its mission and adaptability, emphasising governance and technological evolution.
Cheng YuanCardano (ADA) founder Charles Hoskinson has taken a clear stance on the interplay between politics and cryptocurrencies, urging support for pro-crypto political candidates. This came in response to a post by Ethereum (ETH) co-founder Vitalik Buterin, who cautioned against prioritizing political leaders based solely on their cryptocurrency policies.
WenJunCardano's (ADA) surge continues as investor optimism grows ahead of the Chang upgrade.
Huang Bo
DanteCardano's nearing its crucial Voltaire phase, emphasising self-governance and decentralisation through the Chang hard fork. Despite ADA's lackluster price performance in 2024, ongoing development efforts and a focus on real-world solutions suggest a promising future for the project.
WeatherlyThe Dencun hard fork has been completed on the Goerli, Sepolia and Holesky testnets, and the mainnet will be launched on Epoch 269568 (approximately March 13, 2024).
JinseFinanceThe software upgrade scheduled for January 17 will address gas spikes and chain reorganization.
CoindeskVasil delivers an updated version of Cardano’s smart contract scripting language: Plutus v2.
CoindeskCardano (ADA) continues to gain prominence in the non-fungible token (NFT) space after making network upgrades to accommodate the sector.
FinboldCardano has been moving towards the Vasil hard fork for a couple of months now, and with two postponements ...
BitcoinistCardano has been slowly moving towards the Vasil hard fork for a couple of months now. The upgrade has, however, ...
BitcoinistADA runs out of buyers despite the long-awaited Cardano hard fork going live potentially at the end of July.
CointelegraphADA accumulation occurs despite a technical outlook threatening a 35% price crash by September 2022.
CointelegraphADA's price is above a key technical support level in the days leading up to the major Cardano upgrade.
CointelegraphCardano network growth has done little to help ADA’s price shake its multi-month slump.
Cointelegraph