Cardano $13.84B Whale Migration Signals Impending Price Surge

Cardano whale activity surges, moving $13.84 billion in transactions. On-chain metrics hint at a bullish trend, sparking anticipation of a significant price upswing. Analysts foresee a potential rally as ADA holds steady at $0.45.
Cardano (ADA) is stirring back to life with a resurgence in whale activity, shifting a staggering $13.84 billion in transactions, according to data from IntoTheBlock. This influx of large transactions has reignited optimism for a substantial price surge in the ADA token.

IntoTheBlock revelation, shared via X (formerly Twitter), underscores the magnitude of Cardano recent whale movement. With an average daily transaction volume of $13.84 billion over the past week, totaling approximately $96.88 billion, Cardano whales are making waves in the crypto sphere. Comparatively, this volume rivals a third of Bitcoin current activity and significantly surpasses that of Litecoin and Dogecoin.

Speculation mounts that these whales are capitalizing on recent price downturns to bolster their ADA holdings, anticipating an impending price rally. Despite a recent 11% dip in the past seven days, data from CoinMarketCap hints at a potential trend reversal on the horizon.

The resurgence of whale activity carries weight in price discovery, as noted by on-chain analytics platform Santiment. Historical patterns suggest a correlation between increased Cardano whale transactions and potential price reversals, with current levels marking the highest since November 8th.

In addition to whale activity, bullish signals emerge from on-chain metrics, with IntoTheBlock Concentration and Bid-Ask Volume Imbalance indicators flashing positive signs. Though many ADA holders may currently be at a loss, the prospect of a relief pump could prompt additional investments to break even.

From a technical analysis standpoint, Dan Gambardello observes Cardano emergence from an overbought condition, signaling a likely move to the upside. Any further downturns could see ADA and the broader crypto market entering an oversold state, potentially paving the way for a significant uptrend.

Echoing this sentiment, crypto analyst Trend Rider identifies a critical support level at $0.52, suggesting that Cardano ability to maintain this threshold could precede a parabolic rally. Similar occurrences in 2020 preceded a “mega bull run” for ADA.

As of the latest data from CoinMarketCap, Cardano is trading at approximately $0.45, reflecting a modest 1% increase over the past 24 hours.

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