![Polygon Poised for Macro Uptrend Amid Major Developments: Will MATIC Rally Following November 14?](https://captainaltcoin.com/wp-content/uploads/2023/06/P2P-Review-86.png)
A recent report from on-chain analytics firm Santiment suggests Cardano is showing signs of being bullish, even as broader altcoin prices fall. The analysis indicates small ADA holders have been selling at a loss to large “whales”, consolidating supply.
On Wednesday, Santiment tweeted that Cardano’s market value had risen 7% day-over-day, contrasting with drops across most other major cryptocurrencies. Intriguingly, they note that the total number of Cardano addresses has been declining.
![](https://captainaltcoin.com/wp-content/uploads/2023/12/image-144-1024x685.png)
Source: Santiment – Start using it today
What you'll learn 👉
Supply Consolidation to Whales
As Santiment states: “Typically, declining wallets is a sign of small holders capitulating & selling to whales at a loss.” This supply consolidation from smaller holders to larger ones can signify a bottoming out during bearish markets.
Ongoing Positive Momentum
The initial 7% gain highlighted by Santiment has extended even further, as it made 5% gains today, making the total surge a little above 18% for the past 7 days.
This continued positive momentum aligns with the indicators of smaller investors selling at losses and distribution shifting more heavily towards sizable “whale” holders during the recent crypto downturn.
Read also:
- Bitcoin (BTC) Skyrocketed The Last Three Times This Bullish Signal Appeared
- Solana Loses Uptrend; Analyst Warns Failure to Hold Support Could Result in SOL Falling to This Price
- End-of-Year Crypto Boom: Mantle, Filecoin, and Rebel Satoshi Poised for Growth
In conclusion, Cardano’s rallying prices and consolidation of supply to larger holders points to a bullish outlook. Despite prevailing negative sentiment and falling valuations for altcoins in general, on-chain data suggests strong fundamentals for Cardano. An end to capitulation by small holders could signify that a bottom is in place, with recovering prices enticing prominent whales to accumulate more ADA holdings.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.