The ongoing dip in the Cardano and general crypto markets has been seen as an opportunity for whales and investors to accumulate tokens.
Generally speaking, the rate at which the whales are buying the dip is alarming, for instance, Shiba Inu has been seen buying pressure over the past few weeks.
According to the data from santiment, the Cardano addresses between 10,000 and 100,000 ADA, also called “sharks,” have added 79.1 million tokens (~ $37.7 million as of July 9) to their reserves since June 9. At the same time, the Cardano whales that hold between 100,000 and 1 million ADA have stopped selling.
The way the whales and sharks are acquiring ADA is an indication of the positive future for the token through the increased volatility or decreased liquidation. Also, their actions can encourage fishes or investors to keep up their little hold as they copy their trade. The buying pressure experienced by Cardano is an indication of a sharp price rebound any time from the moment as ADA trades almost 85% below its September 2021 of $3.16.
Another potentially bullish catalyst is a major technical upgrade slated for the end of this month, following a successful testnet implementation on July 4.
The upcoming Hard Fork on the mainnet is a strong indication of how favorable the Cardano price might be. A few days ago, the proposal was submitted and showed the Hard Fork release. It is good to know that presently, Vasil Hard Fork is now on the testnet waiting for its release on the mainnet which was slated to go live in the later part of July.