Cardano bulls accumulated a significant amount of ADA tokens on Christmas Day amid the broader crypto market’s recovery push.
For comparison, Cardano started Christmas at a price of $0.93 but eventually experienced a downtrend throughout the day and fell to retest the price support at $0.91. However, that is Bulls mounted a formidable defense and unleashed a stinger to knock on the $0.94 mark.
This rebound was rather was short-lived and led to a slight decline and subsequent consolidation. In particular, ADA looked to build on a recent uptrend that began on December 23rd with an impressive intraday close of 4.8%. Still, the Bears killed that momentum on Christmas Day.
Cardano Bulls buy 6B+ ADA
Nevertheless, Cardano bulls appear to have increased their appetite. Data from IntoTheBlock shows that these investors raised approximately 6.83 billion ADA tokens worth $6.352 billion on Christmas Day.
For context, bulls refer to market participants who have purchased at least 1% of Cardano’s trading volume a period of 24 hours. While recent buying volume marked a decline from previous highs, overall net inflows marked an impressive two-week high.
In addition to the bulls, the Cardano bears in particular recorded a greater decline in their sales volume. Notably, these addresses resold 6.82 billion ADA Christmas Daythe lowest volume in over a year.
Interestingly, this bull-bear volume yesterday resulted in excess demand of 7.53 million Cardano (approximately $7 million), marking the highest demand since December 10, which previously led to a three-day price increase to $1 had led.
As the crypto market shows signs of potential…
