Diamond-Handed ADA Holders May Take Relief From 8% Rally Large ADA investors have lost interest in the altcoin. ADA is currently trading at $0.3417 after falling 5.37% in the last 24 hours. Weighted sentiment for ADA remained negative in October 2022.
The major wallet investors of the (ADA) network have lost interest in the altcoin as the daily activity of these major wallet addresses on the Cardano blockchain has declined. Fortunately, ADA’s price was not affected by the recent FTX Alameda crisis as it was not listed on the exchange platform. Hence, analysts maintain a bullish outlook on the Ethereum killer.
The price of ADA is trading at $0.3427 at press time after falling 5.37% in the past 24 hours, according to CoinMarketCap. This has contributed to the negative weekly performance of the altcoin, whose weekly price action now stands at -19.38%. The daily trading volume for ADA has also decreased over the past 24 hours. Currently, the total daily trading volume for the altcoin stands at $540,786,120, down 42.69% from the previous day.
Weighted sentiment vs daily active addresses on Cardano (Source: Santiment)
Crypto intelligence firm Santiment reveals that there has been a shift in the number of daily active addresses as well as weighted sentiment and staker count. All of these metrics showed a decline in October of this year.
Weighted sentiment for ADA and the Cardano network remained negative throughout October, implying that the crypto community on social media platforms had more negative than positive comments and mentions about the network.
Pseudonymous crypto analyst RektCapital predicts that the price of ADA will embark on an 8 percent rally higher. According to the analyst, the altcoin could target $0.51.
However, a drop below the $0.33 level could invalidate this bullish thesis, suggesting that support at this level could be fading.
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