According to statistics from the market intelligence platform IntoTheBlock, whale activity has increased noticeably, which indicates that Cardano (ADA) is finally seeing some movement again. This has rekindled expectations that the ADA coin will soon see a large increase in value.
$13.84 billion is moved by Cardano whales.
In an X (formerly Twitter) post, IntoTheBlock stated that over the previous seven days, Cardano whales had completed an average huge transaction volume of $13.84 daily. This corresponds to a total transaction volume of $96.88 billion. IntoTheBlock noted that this transaction volume is only one-third of Bitcoin’s current volume, compared to 5x and 16x for Litecoin and Dogecoin, respectively, demonstrating how large this is.
These whales are thought to be packing their bags in preparation for a price spike from the cryptocurrency token by taking advantage of Cardano’s recent price declines. Cardano has dropped more than 11% over the past seven days, according to data from CoinMarketCap, indicating that a trend reversal might be on the horizon.
Given their significant role in price discovery, the return of these whales may also be a factor in the impending price spike. According to on-chain analytics platform Sentiment, a rise in Cardano whale activity “historically correlates with potential price reversals.” he company also disclosed That these whale trades are the most since November 8th.
Aside from whale activity, a few other on-chain measures indicate a positive future for Cardano. Concentration and the Bid-Ask Volume Imbalance metric, according to data from IntoTheBlock, are two metrics that are flashing optimistic signs. Even if most ADA holders are now losing money, if Cardano detects a relief pump, they might have to increase their holdings to break even.
The Price Movement of ADA Seen Through Technical Analysis
In a post on X (formerly Twitter), Dan Gambardello, the founder of Crypto Capital Venture, stated that Cardano is currently emerging from its overbought state, indicating that a move to the upside is like y. A more profound decline, he said, might not be possible because that would mean the cryptocurrency token—and the crypto market as a whole—enters an oversold state where it is primed “o “pump like a “y.”
However, Cardano will see a parabolic surge to the upside if it can maintain its position above $0.52 for a few weeks, according to cryptocurrency expert Trend Rid r. He asserted that a similar event occurred in 2020 when Cardano held above a critical support level and went on “a “mega bull r” n.”
According to statistics from CoinMarketCap, Cardano is trading at about $0.45, up more than 1% the previous day.
Featured image from BrightNode, chart from Tradingview.com
