Cardano [ADA] there are a few days to his Vasil update when we enter September 2022. Expectations are high, especially for a pre-update rally, as is often the case when blockchain networks implement big changes.
Can’t wait to find out if I’m right$ ADA
– Dan Gambardello (@cryptorecruitr) August 30, 2022
If the same expectations hold true with Cardano’s Vasil update, then we should expect more investor excitement in the coming days. The bullish attempts by ADA in the first half of August were rejected, causing a 27% bearish retracement from the four-week high.
The price action of the coin at press time suggests it may not be ready for another upside attempt yet. The alt has been trading down 3.8% in the past 24 hours, confirming a new low of $ 0.44.
His ability to fold to gain some bullish momentum will depend on whether he manages to rally enough volumes.
So far, investor sentiment has gradually shifted in ADA’s favor. It has seen a considerable increase in the number of active addresses since August 29, although it was a sharp spike followed by a slowdown.
However, the spike in the number of 24-hour addresses confirmed a strong build-up at the $ 0.43 price as of August 31st.
Unfortunately, this does not paint a solid picture of the level of demand at the current level. The ADA has also recorded significant whale activity over the past three days.
Strong whale activity near price on Aug 31, followed by a combination of good and bad over the past three days, confirms whales may be down.
Because ADA bulls are not that strong despite strong whale activity
The distribution of ADA’s supply has a clear answer to the above question. Addresses with over 10 million coins make up the lion’s share of ADA’s offering.
This category of whales has substantially increased its holdings over the past three days.
Addresses holding between 10,000 and 10 million coins have reduced their balances over the past three days. This resulted in significant selling pressure to counteract the buying pressure. This finding suggests that larger whales had more control over the market.
The fact that bigger whales are buying is a pretty big claim. ADA bulls will experience less friction if the rest of the whales align with this result. The upcoming update may be the only event that could shift the outlook in favor of a strong upside.