Little-Known Indicator Points to Explosive ADA Rally Soon: Cardano Price Analysis
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, the Cardano price has mounted a recovery, now down just 0.06% after a significant decline.
Meanwhile, an overlooked on-chain metric recently hit a new high, alluding to a potential rally.
This negligible price action holds Cardano at a 2.79% loss since last Friday. Although notable, it is among the least affected, with other notable altcoins experiencing more severe losses.
Indeed, with today’s recovery, trader interest in Cardano appears to be at a high. The altcoin’s trading volume has surged by 31.08% to $277.66 million over the past 24 hours.
In an August 13th X Post, blockchain analytics firm IntoTheBlock revealed a notable milestone for Cardano.
The percentage of Cardano tokens held by long-term holders (LTHs), those who have held the asset for over a year, has reached an all-time high.
Nearly 40% of Cardano’s supply is now held by LTHs, spread across 3.2 million addresses.
Something IntoTheBlock cited as particularly bullish, demonstrating a “significant level of confidence from its holders.”
This confidence persists despite Cardano’s underperformance this cycle. It remains the worst-performing asset among the top ten cryptos by market cap, posting a year-to-date loss of over 43%.
Remarkably, only 18% of holders (784,110 wallets) are currently profitable.
Despite these challenges, Cardano’s long-term holders have been increasing their positions rather than selling, highlighting their belief in the token’s long-term potential.
IntoTheBlock highlighted that Cardano settles approximately $7.2 billion daily in on-chain
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