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With Cardano surging 4.19% over the past 24 hours to trade at $0.5021, over 1.9 million addresses are currently seeing profits on their ADA holdings.
Cardano (ADA) joined other prominent crypto assets in the latest rally led by Bitcoin (BTC). With Bitcoin breaching the $71,000 resistance yesterday, ADA also witnessed massive gains, as its price spiked to a daily high of $0.5090 from $0.4646.
Like most crypto assets, ADA saw a slight retracement as a unit of the coin was changing hands at $0.5021 in the hours leading up to press time.
Cardano Profitability
Nonetheless, despite this slight retracement, many Cardano addresses are still holding ADA at a profit. Data from IntoTheBlock shows that Cardano has a total address count of 4,466,970 (4.46 million).
Of this figure, 1,943,290 (1.94 million) wallets are holding ADA in profit at the current price of $0.5021. According to the data, these addresses hold a combined 19.63 billion ADA coins, representing 55% of Cardano’s circulating supply. This suggests that these addresses could sell and take profit as the price is currently above their entry.
Conversely, about 2,477,590 (2.47 million) Cardano addresses are holding ADA in losses at the current price. The cumulative amount of ADA held by these addresses is around 14.89 billion.
Furthermore, only 46,090 addresses are at break even, which implies that they are neither holding ADA in profit nor loss.
Major Resistance Ahead
In the wake of the recent market uptrend, Cardano investors have remained optimistic about ADA’s potential surge to the levels projected by market watchers. These analysts speculate that ADA could surge to $6.66, $7.5, $7.77, or $27 at the peak of the bull run.
It is noteworthy that the targets are above Cardano’s previous all-time high of $3.10, which it attained in September 2021. For ADA to achieve this feat, the coin must breach major resistances from its current price down to the previous ATH.
The first resistance is currently around the range of $0.5029 – $0.5843, where 334,620 addresses bought 3.34 billion ADA. Afterward, the next resistance is positioned in the $0.5843 – $0.7183 price levels, where 402,150 addresses purchased 6.76 billion ADA coins, worth $3.39 billion at the current price.