Cardano, the eighth-largest cryptocurrency by market capitalization, has recently gained ground, with bulls pushing ADA price to a six-day high of $0.566 on February 11. Although ADA prices have declined, the cryptocurrency is still up 7% weekly.
At the time of writing, Cardano ADA fell 3.59% over the past 24 hours to $0.536, mirroring the overall market decline.
However, not everyone sells their ADA coins for profit. According to on-chain data, a significant number of Cardano holders have held onto their coins for more than a year, demonstrating their confidence in the project and its long-term potential.
See how long people hold ADA and what their share of the total amount is.
All this ADA has not yet been bought by the institutions. It’s probably hard for them to get that $ADA.
This is bullish because the remaining ADA is not much and they will have to pay it. pic.twitter.com/qrUv5LWE2a
— Pieter Nierop – $enginedriver $cardano-express (@nierop_pieter) February 11, 2024
These long-term holders, also known as “HODLers” in the cryptocurrency world, have confidence in the asset’s future value despite market volatility. They also provide a consistent and dedicated basis of support for the Cardano project.
According to data from blockchain analytics startup IntoTheBlock, 23% of Cardano investors have maintained their ADA over the past five years. This category of holders controls 7.085 billion ADA and has seen their holdings increase by millions of ADA since the start of 2024.
Another 19.75% of Cardano investors have not sold their assets after purchasing them in the last six to twelve months. Investors in this class own around 6.084 billion coins, indicating that they are also optimistic about Cardano’s long-term prospects.
Meanwhile, 16.74% of ADA holders have not sold their Cardano assets after purchasing them in the last 18-24 months. Investors in this class own approximately 5.1 billion coins.
As for the future of ADA price, crypto analyst Ali predicts that Cardano could face a formidable hurdle between $0.54 and $0.56, a zone where nearly 50,000 addresses hold around two billion ADA. Breaking this resistance could pave the way for a bullish move towards $0.68.
