Cardano remains a few days from its Vasil update as we welcome September 2022. Meanwhile, expectations remain high, especially for pre-upgrade rallies, as that is often whenever a blockchain platform introduces massive changes.
If Cardano’s Vasil satisfies the anticipations, market players can expect surged investor excitement in the upcoming days. Cardano’s bullish trials in August’s first half failed to support upsides, triggering a 27% pessimistic retracements from 4-week peaks.
The token’s press time price movements show ADA might not have what it takes for another upward attempt. The altcoin lost 3.8% within the past day, confirming $0.44 as the new price floor. Its potential to attain bullish strength will depend on whether it gains enough volume.
Meanwhile, investor sentiment has gradually shifted in Cardano’s favor. The alternative token recorded an impressive active address count since August 29, though a slowdown emerged after a sharp spike. Nevertheless, the surge in 24hr addresses indicated massive token accumulation near the $0.43 value area by August 31.
Sadly, that doesn’t confirm a massive outlook about demand at current levels. Also, ADA rerecorded significant whale activity over the past three days. Solid whale activity around August 31 price levels plus ups and downs within the previous 72 hours shows whales could be purchasing the dip.
Why ADA Bulls Remain Weak Despite Massive Whale Activity
Cardano’s supply distribution answers this question. Meantime, addresses with more than 10 million tokens control a massive ADA supply. This whale cohort has amplified its balance significantly within the previous three days.
Addresses with 10,000 – 10 million tokens reduced their holds over the mentioned timeframe. Meanwhile, that led to a considerable sell momentum to neutralize the buying strength. Such developments indicated that the leading whales had a massive dominance over the marketplace.
Buying activities by the leading whales is enough to move ADA. Cardano bulls will witness less friction if other whales join this narrative. The upcoming upgrade could be the event that would shift the Cardano fortunes to favor massive uptrends.
What are your expectations about Cardano’s Vasil upgrade? Feel free to leave a reply in the comment section below.