Cardano Roars Back To Life As ADA Whales Move $13.84 Billion |

Cardano (ADA) is finally seeing some action again, as data from the market intelligence platform IntoTheBlock shows that there has been a notable spike in whale activity. This has revived hopes that the ADA token could soon record a significant price surge due to this development. 

Cardano Whales Move $13.84 Billion

IntoTheBlock mentioned in an X (formerly Twitter) post that Cardano whales have carried out an average large transaction volume of $13.84 daily in the last seven days. This translates to a total transaction volume of about $96.88 billion during this period. To show how massive this is, IntoTheBlock added that this transaction volume is a third of Bitcoin’s current volume while it is 5x and 16x that of Litecoin and Dogecoin’s volume, respectively. 

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These whales are believed to be taking advantage of Cardano’s recent price dips to load their bags in anticipation of a price surge from the crypto token. Data from CoinMarketCap shows that Cardano is down over 11% in the last seven days, suggesting a trend reversal may be imminent. 

The return of these whales could also contribute to this imminent price surge, considering that they play a massive role in price discovery. On-chain analytics platform Santiment noted that a spike in Cardano whale activity “historically correlates with potential price reversals.”  The platform also revealed that these whale transactions are the highest since November 8th.

Besides whale activity, a couple of other on-chain metrics paint a bullish outlook for Cardano, with data from IntoTheBlock showing the Concentration and Bid-Ask Volume Imbalance metric flashing a bullish signal. Meanwhile, although most ADA holders are currently not in profit, they may be forced to add to their positions to break even once Cardano sees a relief pump. 

ADA’s Price Action From A Technical Analysis Perspective

Dan Gambardello, the founder of Crypto Capital Venture, noted in an X (formerly Twitter) post that Cardano is currently coming out of its overbought condition, which suggests that a move to the upside is imminent. He remarked that a further dip might not be a thing as that could translate to the crypto token (just like the broader crypto market) entering an oversold environment where it is ready to “pump like crazy.”

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Meanwhile, crypto analyst Trend Rider recently stated that Cardano just needs to hold above $0.52 for a few weeks, and then a parabolic move to the upside will occur. He claimed the same thing happened in 2020 when Cardano experienced a “mega bull run” after it managed to hold above a crucial support level. 

At the time of writing, Cardano is trading at around $0.45, up over 1% in the last 24 hours according to data from CoinMarketCap.

ADA price at $0.429 | Source: ADAUSDT on

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Author: Scott Matherson

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