The ADA price showcased impressive growth in July, reaching $0.92, but afterwards experienced a minor correction. In spite of this, large investors' accumulation leaves hope for continued growth.
ADA Price Correction After a Surge
Following a significant rise at the end of July, the ADA price has retreated to $0.85 due to profit booking. However, open interest remains around $637.53 million, indicating limited selling pressure.
Whale Accumulation Signals
Data from Santiment shows that despite the correction, network activity metrics remain high. Notably, larger wallets are increasing their positions, while smaller investors are reducing their holdings. For instance, wallets holding between 10 and 100 million ADA are actively accumulating coins.
Future Price Predictions for ADA
Analysts suggest that the recent correction may set the stage for another upward move. If whales continue to accumulate, the ADA price could potentially break the $1 mark, paving the way for a rise towards $2 by the end of the year.
With firm support from large investors and positive market sentiment, the ADA price has the potential to reach new heights. However, monitoring support levels is crucial to avoid additional declines.
