Cardano ADA News: Price Drop and Whale Accumulation Amid Market Uncertainty

ADA Price Prediction: Can it Recover?

Cardano (ADA) was down 50% from its December peak of $1.3, with weekly losses topping 12% due to bearish pressure following Bitcoin’s drop below $90K. Even the Grayscale Cardano ETF acknowledgment didn’t induce much demand, highlighting macro uncertainty. However, a slight 2% drop in Bitcoin dominance could offer relief to altcoins, including ADA.

Cardano Whales Amass 300 Million ADA Amid Price Drop

Over the past week, whale addresses holding between 10 million and 100 million ADA have added over 300 million ADA worth nearly $200 million. This massive accumulation occurred despite a 20% price drop in Cardano, suggesting that large investors view the current price as an opportunity. Their buying activity reflects strong conviction in the future recovery of Cardano, potentially bolstering ADA’s price.

Cardano Seals Partnership with OpenZeppelin for Privacy-Focused DeFi Framework

Cardano-based project Midnight has partnered with blockchain security firm OpenZeppelin to introduce a specialized smart contract framework for privacy-preserving applications. The collaboration aims to provide developers with robust tools and standards for building data-protected applications across multiple chains. Charles Hoskinson, founder of Cardano, expressed excitement about the partnership, highlighting Midnight’s announcement on social media.

Cardano Whales Offload 170M ADA; Price Reacts at $0.65

Whale sell activity for Cardano’s native token ADA increased, with over 170 million tokens being sold collectively. This was accompanied by a notable decline in the number of ADA held by large holders, falling from just under 3.26 billion to nearly 2.98 billion. This mass sale coincided with a drop in ADA’s price from around $0.83 to $0.65. The important price level for Cardano is $0.64, which could determine its next move. The sell-off suggested a bearish sentiment among major holders, possibly anticipating a further price drop. Meanwhile, Google searches for ’Is Cardano a good investment?’ surged by 90%.