Cardano's ADA has seen a 27% surge in the past week, resulting in a significant portion of its circulating supply being in profit. This could potentially threaten ADA's upward momentum as holders may be tempted to sell and secure their gains. At current market prices, investors hold 32 billion ADA coins worth $31 billion in profit, accounting for 88.40% of ADA's circulating supply. This increase in profit has triggered concerns of profit-taking behavior and the MVRV ratio suggests that ADA may be overvalued. If profit-taking activity occurs, ADA's price may test support at $0.93 and potentially dip further to $0.79. Alternatively, if holders refrain from selling, ADA's price could rise above $1 to reach $1.15, a level not seen since April 2022.



Other News from Today