Explosion in Cardano Whale Transactions Signals ADA Price Will Return in the Short Term
Amid the broader market sell-off, cardano‘s native cryptocurrency ADA is also facing strong selling pressure, correcting over 11% on the weekly chart. As of the moment the article was published, Cardano (ADA) price is trading at $ 0.4536, down 0.36%, with a market value of $ 16.16 billion.
Explosion in Cardano Whale Transactions
According to the latest findings from on-chain data provider Santiment, transactions involving a large amount of Cardano (ADA) tokens worth over $100,000 have surged to the highest level since November 8.
This significant increase in Cardano whale activity historically coincides with possible price reversals in ADA’s market trajectory. Notably, ADA’s market cap has fallen significantly, falling by 43% since March 13; This marks a period of significant volatility and market adjustments for the cryptocurrency.
Kindness: centimeter
ADA Price Action Ahead
Last week, Cardano (ADA) price lost its main support at $0.50 and fell to $0.45, which is the critical support zone for the altcoin. If ADA’s price declines decisively below its current level, it could potentially trigger additional bearish momentum and the next major support is expected to be at $0.4280.
Conversely, ADA’s immediate resistance is $0.4920, followed by the psychological threshold of $0.500. A clear break above this level could start a rally and potentially push ADA towards $0.5250 or even $0.5650 if the bullish trend prevails.
Despite the market’s broader downward trend, ADA is not immune; experienced a decline in global market value, reflecting its poor Year-to-Date (YTD) performance with a contraction of -23.69%. Santiment’s data shows a marginal decline in active ADA wallets over the last three months; This contrasts with the market’s signs of recovery. This anomaly may indicate that ADA is undervalued or that interest from investors and users has waned.
Data from Santiment reveals a slight decrease of 0.13% in the total number of active Cardano (ADA) wallets in the last three months. These trends make ADA stand out as one of the few networks that witnessed a decrease in wallet activity during this time period.
— Santiment (@santimentfeed) April 27, 2024Non-empty total amount #Bitcoin Despite fluctuating prices, wallets are growing rapidly. #Altcoin wallets for assets such as /market.parofix.com/coin/dogecoin">dogecoin?src=hash&ref_src=twsrc%5Etfw”>#Dogecoin
It has plateaued after huge increases at the beginning of this year. #Cardano It is one of the few networks to see active wallets decline. pic.twitter.com/yrOlEQw3jy
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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