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Can Cardano Price Reach $1 As Whales Gobble 130 Million ADA?

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Cardano price has taken a hit in recent days but analysts are confident of a fresh rally for the asset. A massive whale accumulation by Cardano (ADA) whales is fuelling speculation for a price spike amid rising network activity.

Whales Can Send Cardano Price Across The $1 Mark

According to an X post by on-chain analyst Ali Martinez, Cardano whales have gobbled up 130 million ADA in the last three days. The total value of ADA accumulated by the whales stands at $97.5 million with retail traders contributing their fair share.

Pundits say the recent accumulation spree is an indicator for a potential rally for Cardano price. There is significant optimism that ADA can cross the $1 mark after prices fell to $0.70.

Prior to the decline to $0.70, Cardano’s price traded as high as $1.13 over a 30-day period. Now, rising whale activity is stoking belief for ADA to reclaim its previous highs but several hurdles stand in the way.

For starters, the network’s unique wallets trading (UWT) indicator has reached all-time lows. However, analysts say the dip in unique wallets is “the calm before the storm” before the start of a rally.

“Usually when the number of UWT dips below 1.5k per day, it doesn’t take long until something happens,” said one analyst.

ADA’s Ecosystem Continues To Buzz Despite Price Decline.

At the moment, ADA price is floating around the $0.7 mark but the ecosystem is alive with activity. Still reeling from the highs of its inclusion in the Crypto Strategic Reserve, institutional interest is climbing.

Furthermore, speculation around ADA for X payments has triggered theories that the asset is headed to $10. Cardano Foundation CEO Frederik Gregaard has confirmed that the network is working with NASA on satellite data and provenance capabilities.

Daily trading volumes for ADA stands at $777 million, down by 22.7% over the last. Despite the decline in volumes, analysts say Cardano is on course to flip Solana if it attracts more decentralized applications.

 

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Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Crypto Market Peak? Stablecoin Supply Surge Says There’s More Room To Run

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The crypto market has been struggling to gain momentum in recent weeks, with Bitcoin and major altcoins falling to new lows this cycle. Price action has been far from encouraging, leaving many traders questioning whether the market has already reached its peak. However, a closer look at stablecoin data tells a different story that suggests the bull cycle is far from over.

Stablecoin Supply Trends And Market Cycles

On-chain data shows an interesting correlation between the stablecoin market and the bull and bear cycles of Bitcoin and other cryptocurrencies. This pattern, identified by on-chain analytics platform IntoTheBlock, suggests that stablecoin supply has historically peaked alongside major market tops. The relationship implies that a surge in stablecoin supply often signals the final stages of a bull run, with declines in supply typically coinciding with the onset of bearish conditions.

A look at previous market cycles reinforces this trend, particularly in the case of Bitcoin. In April 2022, the total stablecoin supply reached an all-time high of $187 billion. Soon after, supply began to decline, aligning perfectly with the start of the last bear market. This phase saw Bitcoin undergo a prolonged downturn, with prices steadily falling until they bottomed out in January 2023. The sharp decline in stablecoin supply throughout that period reflected a broader shift in investor sentiment as liquidity left the market.

At the time of writing, the stablecoin supply has continued to climb despite Bitcoin’s 24% price correction from its recent all-time high. The stablecoin supply has risen to $219 billion and continues to climb. This suggests that the market is still in a mid-cycle phase rather than approaching its peak.

Image From X: IntoTheBlock

Stablecoins Closing In On Ethereum’s Market Cap

Another notable observation regarding the stablecoin market is that despite the recent price stagnation in the broader crypto market, stablecoins still have significant liquidity. Notably, the total stablecoin supply is now just $10 billion away from Ethereum’s market capitalization. 

Total crypto market cap currently at $2.7 trillion. Chart: TradingView

This phenomenon aligns with the recent price decline, which has seen many investors exiting their positions in Bitcoin and other cryptocurrencies and then converting them to USDT and other stablecoins. However, the fact that these funds remain in the crypto industry and are not out is positive.

Although a rising stablecoin supply reflects growing investor caution, it also means a large pool of capital is ready to be deployed once market conditions improve.

Image From X: IntoTheBlock

At the time of writing, Bitcoin is trading at $84,325, having spent most of the past 24 hours trading between $83,688 and $84,504. On the other hand, the crypto market saw a modest increase of 0.3% in the past 24 hours. It is currently at $2.75 trillion, down by 25.8% from its $3.72 trillion peak in December 2024. 

If the cycle were nearing its end, history suggests that the stablecoin supply would have already started declining. Instead, the rising trend points to continued market participation and potential for further upside.

Featured image from Midas, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Solana Price Eyes $178 Following $314 Million Bridged From Ethereum

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As Solana marks its fifth anniversary, there is palpable optimism for prices to rally in the short term. Experts say Solana price a raft of on-chain data will affect Solana’s price including bridged assets and positive SMA and EMA indicators.

Solana Receives $315 Million Assets Bridged From Ethereum

Solana’s ecosystem is buzzing with optimism following a surge in the volume of bridged assets to the network. According to the latest data, Solana received $314 million worth of tokens from the Ethereum network in the last 30 days.

The metric is a record high for Solana with the volume dwarfing the total bridged assets to Ethereum’s layer 2 projects. According to on-chain data, the value received by Solana from Ethereum is 463% more than the volume transferred to ETH’s layer 2 platforms.

Pundits say the spike in bridged assets over the last 30 days is a bullish indicator for Solana’s price. Right out of the bat, the assets will increase the total value locked (TVL) and liquidity for SOL while increasing user activity.

Others are construing the metric as confirmation of Solana’s dominance over Ethereum, stirring anticipation of a potential flippening.

Solana Price Eyes $178 In The Short-Term

There is increased investor confidence that Solana price can clinch $178 in the short term. On-analysts say if SOL breaks through its 20-day exponential moving average (EMA), investors can expect the easing of current selling pressure.

The easing will fuel a push toward the 50-day simple moving average (SMA) that will see the price face bearish resistance at around $178. However, a price break below $120 could trigger a steeper correction toward $110 and a potential $90.

In the long term, a forming cup-and-handle pattern could send SOL to $3,800 if a break out occurs. Currently, Solana is trading at $129, down by nearly 4% over the last 24 hours.

The network is agog with a slew of activity as Solana marks its fifth anniversary. The failure of the SIMD-0228 proposal still offers a silver lining for Solana given the speed of voting processes.

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Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ethereum Needs A Leader—Or Its Future Could Be In Jeopardy, Ex-Engineer Warns

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A former Ethereum Foundation engineer has raised concerns about the platform’s future, warning that a lack of clear leadership is slowing down critical development.

Harikrishnan Mulackal, who worked as a Solidity expert and compiler engineer, pointed out that Ethereum’s upgrade process has become sluggish, with only one major Ethereum Virtual Machine (EVM) change proposed in five years.

Lack Of Leadership Could Hurt The Network

According to Mulackal, Ethereum’s decentralized nature has led to delays in decision-making. He noted that while decentralization is a key strength, it has also made it difficult to push through necessary changes.

The only proposed EVM upgrade, transient storage, was almost scrapped at the last minute. He believes that without a more structured approach, the network could struggle to stay ahead of competitors.

Mulackal suggested that the network should prioritize execution over research, proposing a schedule of one hard fork per quarter to speed up improvements.

He argues that faster updates could help maintain the platform’s dominance in the blockchain space.

ETH is currently trading at $1,927. Chart: TradingView

Internal Disagreements May Be A Bigger Problem

Mulackal’s concerns echo similar warnings from industry figures. Wintermute CEO Evgeny Gaevoy has previously said that leadership issues, not its technology, could be its downfall.

Gaevoy pointed out that there are contradictions within the organization’s leadership, with some pushing for market-driven incentives while others focus on social justice goals. This internal conflict, he warned, could lead to setbacks.

Vitalik Buterin, a co-founder of Ethereum, has admitted the difficulties and is apparently working on reordering the leadership of the Ethereum Foundation. Still up for contention, though, is whether these developments will support or undermine the network’s basic values.

Development Slows Down

Ethereum’s development speed has slowed even if it remains a major participant in the blockchain scene. Mulackal’s assertion that only one major EVM modification was suggested in five years begs issues about whether the network can keep up with ideas from competing blockchains.

Before “redesigning” Ethereum, developers have always stressed thorough research. Mulackal, however, feels that this cautious approach is currently dragging the platform back. Ethereum should, he contends, concentrate more on providing useful improvements than on spending years researching possible hazards.

Featured image from Equiti, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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