Cardano Aims for $1.2 as Traders Hints Most Bearish Outlook in 5 Months

• On-chain data analysis shows Cardano holders have been downsizing amid ongoing market correction.
• Santiment’s analysis shows that a bullish trend often forms after heightened crowd fear.
• The ADA/USD pair will easily rally to its all-time high after turning the resistance level around 88 cents into a support level.

Cardano (ADA) holders have bought into the September crypto fear it seems, according to on-chain data analysis from Santiment. 

While this “peak FUD” has seen retail holders and some whales downsize their positions, a series of major bullish fundamental developments, including the clearance of a major legal overhang for Charles Hoskinson, is creating a classic contrarian setup for traders.

Related: Cardano’s Potential and Pitfalls Weighed as Analyst Sets $15 ADA Target

Why is Cardano Price Getting Bullish Amid a Bearish Crowd?

Are the Whales Buying the ADA Dip?

According to on-chain data analysis from Santiment, Cardano wallets, with a balance of between 1 million and 10 million ADA, sold 30 million coins. As a result, this group currently holds 5.57 billion ADA coins.

However, Santiment stated that…

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