Cardano (ADA) Whale Activity Surges Amid Crypto Market Recovery – Potential Price Reversal Ahead
The cryptocurrency market is abuzz with excitement as Cardano (ADA) experiences a surge in whale activity, reaching its highest point in almost 6 months. This surge comes amidst a broader crypto market recovery, with Bitcoin leading the charge. The increase in whale transactions for ADA has sparked speculations about a potential higher price trend for the cryptocurrency.
Data from Santiment, a cryptocurrency intelligence tool, reveals that there have been about 1,776 different Cardano transactions carrying over $100,000, marking a significant uptick in whale activity. Historically, spikes in whale activity have correlated with potential price reversals for ADA. However, despite this surge in whale transactions, the market capitalization of ADA has dropped by 43% since March 13th, indicating a period of high volatility for the cryptocurrency.
While ADA has seen a rise in whale activity, the number of “non-empty” wallets for Cardano has actually decreased by 0.13% in the last 3 months. This sets ADA apart from other cryptocurrencies like Bitcoin and Dogecoin, which have experienced an increase in active wallets over the same period.
In terms of price action, Cardano is currently trading at $0.4525, with a 0.41% increase in the last 24 hours. The trading volume for ADA has also seen a 1.31% jump to $277.4 million. The price of Cardano fell below $0.45 last week, but if it drops below its current level, it could generate more bearish momentum with $0.4280 as the next major support level. On the flip side, if ADA crosses the $0.500 psychological threshold, we might see a rally to $0.5250 and beyond if the bulls maintain control.
Overall, the surge in whale activity for Cardano has brought renewed attention to the cryptocurrency, with investors eagerly watching to see if this trend will lead to a sustained price increase for ADA.
