Cardano (ADA) has been experiencing significant activity from cryptocurrency whales, leading analysts to speculate whether this could signal an imminent rally. Market intelligence platform Santiment noted a potential reversal in Cardano’s price due to the surge in whale activity. Transactions by Cardano whales, who hold over $100 ADA tokens, have reached an all-time high since November 8. Historically, spikes in whale activity have been correlated with price reversals. Cardano’s market cap has also shrunk by 43% since March 13. The current price of Cardano stands at $0.4329, with a 4.5% drop in the last 24 hours and a 16.2% depreciation in the past seven days.
Cardano’s whale transactions exceeding $100K have surged to their highest level since November 8th, a phenomenon that has historically indicated potential price reversals. Meanwhile, Cardano’s market cap has shrunk by 43% since March 13th. These developments have raised speculation about a potential rally for Cardano.
Additionally, Cardano whales have been registering a billion-dollar volume of transactions per day, according to data from cryptocurrency analysis platform IntoTheBlock. This remarkable activity has positioned ADA prominently in the market. In the last seven days alone, Cardano whales have recorded an average transaction volume of $13.84 billion. To put this into perspective, it is one-third of Bitcoin’s current volume, five times Litecoin’s volume, and more than 16 times that of Dogecoin.
It is important to note that the views expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.