Despite the rise in whale activity, Cardano (ADA) price action has remained neutral amid recent regulatory spats with the Securities and Exchange Commission. Are retail network participants losing interest in the Cardano ecosystem?
The Cardano team has made several attempts to address the centralization concerns highlighted by the SEC lawsuit. However, this did not fully resonate with those involved in the retail network.
Cardano maintained healthy activity for Pisces
Amid ongoing regulatory wrangling, on-chain data shows Cardano has maintained a healthy level of whale activity.
As shown below, despite the drop in ADA price to a two-year low of $0.23, the millionaire whales on the Cardano network have maintained a steady level of transaction activity.
The chart below shows that since June 2023, Cardano has maintained an average of 100 daily transactions exceeding $1 million per day.
the The number of whale transactions The metric shows the daily number of transactions exceeding $1 million. As shown below, the Cardano whales have generally maintained a neutral stance over the past month.
If ADA price breaks above the $0.30 resistance, increasing traction among the whales will be pivotal in the recovery.
Retail network participants can keep the price action neutral
While the Cardano whales have remained largely neutral, the same cannot be said of retail network participants. The Santiment chart below shows that Cardano’s daily active user count has not fully recovered over the past month.
On June 10, Cardano recorded 104,780 daily active addresses, a recent high. At the end of July 6, only 49,854 active addresses were registered. This represents a significant decrease of over 52%.
constant fluctuations in Daily active headlines The interaction on Cardano indicates that participants in the retail network are not yet fully convinced regarding the recent regulatory wrangling.
If active users remain scarce, Cardano price action is likely to remain neutral in the coming days.
ADA Price Prediction: The $0.30 resistance is a hurdle
Looking at the on-chain indicators shown above, ADA price is likely to remain neutral and consolidate around $0.30 in the coming days.
the Depth of the on-chain exchange market It shows that the selling wall of 10.5 million ADA around $0.30 could be very difficult for the bulls. But if this resistance stops unexpectedly, ADA could approach $0.32 for the first time in more than a month.
On the flip side, bears also have a chance to gain a foothold if ADA slips below $0.25. However, the massive buying wall of 9.37 million ADA could neutralize the bullish pressure.
However, ADA could drop below $0.25 if this support level does not hold.
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.