ADA token Price Potential After a Successful Cardano Summit 2023: Retesting the Yearly Peak?

Crypto News– Cardano’s price has achieved a significant milestone by surpassing the $0.35 resistance level, marking the first time in 85 days. Several key on-chain data trends and social events are poised to influence ADA’s price action in the upcoming days.

ADA token Price Potential After a Successful Cardano Summit 2023: Retesting the Yearly Peak?

After a period of trailing behind the broader altcoin market, Cardano’s price appears to be catching up and is ready to participate in the ongoing rally. The question remains whether the Cardano Summit 2023 will provide an additional boost to this bullish momentum. Notably, Cardano witnessed a period of consolidation in the preceding weeks, but a notable shift occurred in late October when Cardano whales entered the scene, accumulating a substantial 80 million ADA within the span of the last 10 days.

The chart from Santiment depicted below showcases the significant increase in holdings among Cardano whales, particularly those wallets holding between 1 million to 100 million ADA. This accumulation elevated the total holdings of this group from 5.62 billion ADA to 5.7 billion ADA during the period between October 27 and November 7. These developments in ADA’s on-chain data and the involvement of whales have certainly ignited interest and could play a pivotal role in shaping Cardano’s price trajectory.

The Cardano Summit 2023 Event: A Catalyst for Strengthening Bullish Momentum

The Cardano Summit 2023 played a pivotal role in driving ADA’s positive price performance during the week. Held from November 2 to November 4 in Dubai, the summit was a significant gathering for the Cardano community, featuring over 20 community-led events. As the summit unfolded, ADA witnessed a notable surge in media coverage and investor interest.