Cardano is one of the altcoins that has been hit the hardest by the bear market. Created by former Ethereum co-founder Charles Hoskinson, the coin is 91.6% below its all-time high of $3.10, which was reached on September 1, 2021. Thus, ADA is performing much worse than its main competitor Ethereum. ETH reached its all-time high of $4.878 on November 10, 2021, and is currently about -75.4% below that level.
However, according to on-chain analytics service Santiment, there are early signs of a trend reversal. For instance, sharks and whales holding 100,000 to 10 million ADA have been accumulating aggressively over the past six weeks. As the analyst writes, there is currently a bullish divergence between price and whale activity.
A look at realized gains and losses also paints a bullish picture. According to the analyst, there are signs of seller exhaustion. “On every big price decrease there are fewer and fewer coins moving at a loss,” the analyst notes.
Furthermore, the Santiment an
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