ADA whales continue their accumulation spree despite a major resistance at $0.40.
Cardano whales holding between 1 million and 10 million ADA coins are not relenting in increasing their position in the seventh-largest cryptocurrency. Per data shared by seasoned crypto analyst Ali Martinez, these Cardano whales scooped 150 million ADA coins over the past month.
Martinez, who referenced data from IntoTheBlock, said the 150 million ADA coins were worth $57 million.
After adding 150 million ADA coins, these whales have increased their holdings to around 5.3 billion.
Investors Increase Their ADA Position
The development suggests a growing interest in ADA among investors. Earlier today, Cardano-focused news platform Cardano Feed reported that retail investors now hold 22.63 billion ADA, representing 66.73% of the coin’s supply.
ADA Faces Major Resistance at $0.40
Martinez also shared a massive sell wall of 3.85 billion ADA between $0.40 and $0.42. This explains why ADA failed to break the $0.40 resistance in the past few days. It is worth noting that ADA has been hovering around $0.40 over the past seven days. The asset’s latest move, above $0.40, resulted in a slight rally to $0.407 on Friday.
According to Martinez, breaking through the $0.42 resistance may result in a bull rally for ADA as the seventh-largest crypto asset has no other significant barrier ahead.