ADA, the native token of the Cardano blockchain, has gained significant attention from crypto enthusiasts despite its recent price decline. The altcoin has experienced a price drop of over 30% in the past 48 hours. However, with rising interest from long-term holders and Binance traders, its price appears to be recovering.
$164 Million of ADA Outflow
Today, December 20, 2024, Coinglass’s ADA spot inflow/outflow on-chain metrics revealed that exchanges have recorded a significant outflow of $163.85 million worth of ADA in the past week, despite the altcoin’s continuous price decline.
What Does Outflow Mean in Cryptocurrency?
In the cryptocurrency landscape, “outflow” refers to the movement of assets from exchanges to long-term holders’ wallet addresses, which suggests potential upside momentum and hints at an ideal buying opportunity.
Based on historical data, whenever assets experience outflows from exchanges to wallet addresses, it increases buying pressure, resulting in upside momentum.
Rising Traders Interest
Besides rising interest from long-term holders, traders’ interest appears to be increasing, as reported by Coinglass. According