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Based on the rising whale accumulation, Cardano (ADA) could be poised for bullish momentum thanks to decreasing selling pressure.
According to Santiment data, the number of whales with Cardano balances between 1 million and 10 million has surged after reaching 2,462 this month, demonstrating their confidence in the ADA ecosystem.
Source: Santiment
Since cryptocurrencies are typically held for future purposes other than speculation, consolidation of holdings by top players is considered bullish.
As such, the soaring holding culture is engulfing ADA, and the 11th-ranked cryptocurrency is stepping up its efforts to break out of the symmetrical triangle.
Source: TradingView
The symmetrical pattern indicates a consolidation phase as it consists of several higher lows and lower highs. If the upper trend line is broken, this formation is also considered a continuation pattern.
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The altcoin is showing signs of breaking out on the upside as Cardano continues to rise above the $0.3638 price.
How cryptography fits into the big picture of AI
Even as artificial intelligence gains traction, cutting-edge technologies grapple with challenges of trust and centralization.
A recent report by a16z highlights that blockchain technology has the potential to enhance the fairness and accessibility of AI through decentralized solutions, based on the large overlap between AI and cryptocurrency users. It has been.
Source: a16z
According to the report, “Cryptocurrency builders also have strong ties to AI, with nearly a third (34%) of cryptocurrency projects saying they use AI regardless of the category they are building. The most popular category of applied AI technology is blockchain infrastructure projects, up from 27% a year ago.”
Meanwhile, an AI scam targeting Ripple’s XRP holders is circulating as crypto users lament the prevalence of fraud within the digital asset community.
