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 <p class="is-style-lead">Cardano (ADA) has been experiencing a noteworthy surge in <a rel="noopener noreferrer nofollow" title="accumulation" href="https://thebittimes.com/tag/accumulation.html">accumulation</a> despite prevailing bearish sentiment in the market.&nbsp;</p> 
 <p>Despite a 35% decline in its market cap over the last four months since the yearly peak, trader sentiment toward Cardano remains subdued. However, this hasn’t dissuaded large holders from showing a continued interest in the asset.</p> 
 <p>Per the data from Santiment, the number of wallets holding 100,000 or more ADA tokens has reached its highest level in 16 months, with a current count of 25,294 such addresses.&nbsp;</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr"> Trader sentiment toward #Cardano continues to be low as its market cap is down 35% since topping 4 months ago. However, the sharks &amp; whales haven't been as deterred as one may think. There are now 25,294 wallets with 100K+ $ADA, the most in 16 months. https://t.co/Q5XKveRh5n pic.twitter.com/D0dcfM6LAy</p>— Santiment (@santimentfeed) August 14, 2023 
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 <p>This <a rel="noopener noreferrer nofollow" title="accumulation" href="https://thebittimes.com/tag/accumulation.html">accumulation</a> trend bucks the overall market sentiment, indicating a strong belief in Cardano’s prospects among big players.</p> 
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 <p>Per data from Santiment, the surge in these high-value ADA addresses commenced in July 2022. This marked a significant turnaround following a drop from February 2021 to June 2022.&nbsp;</p> 
 <p>Notably, the number of these addresses had dipped to a low of 23,190 on July 23, 2022, before the recent resurgence. Interestingly, this pattern has persisted amid Cardano’s roller-coaster ride.&nbsp;</p> 
 <p>Despite ADA soaring to an all-time high of $3.1 in September 2021, the number of these high-value wallets continued to decline. This trend endured throughout ADA’s subsequent descent from the peak until July 2022.&nbsp;</p> 
 <p>This uptick in <a rel="noopener noreferrer nofollow" title="accumulation" href="https://thebittimes.com/tag/accumulation.html">accumulation</a> by larger players showcases a belief in Cardano’s underlying value and potential for future growth. A similar pattern was recently observed among whale addresses holding between 100,000 ADA and 10 million ADA.</p> 
 <p>Meanwhile, ADA struggles to hold above the $0.29 price territory amid the uncertainty plaguing the broader crypto market. Cardano faced persistent declines over four days, shedding off 3.71% of its value from August 10 to August 13.</p> 
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  <img decoding="async" width="1117" height="598" src="https://cdn.thebittimes.com/images/2023/08/14/6cbb4451c2e148a08a7620c4023ddea9.webp" alt="ADA price - Aug. 14 | Source: Trading View" class="wp-image-14185347"> 
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    ADA price – Aug. 14 | Source: Trading View 
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 <p>The asset now seeks to recoup these losses, but resistance from the bears has placed a roadblock to this recovery campaign. ADA is trading for $0.2905 at the time of reporting, up 0.38% today.</p> 
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Cardano sees 16-month high accumulation

TheBitTimes

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