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Thousands of large transactions have been spotted on the Cardano (ADA) blockchain in the last 24 hours. The metric signals increased activities performed by Cardano whales.
Impact on price and market sentiment
According to IntoTheBlock data, an on-chain analytical platform, 16.25 billion ADA, valued at $17.61 billion, have changed hands in recent whale activities.
Related
To complement this volume, large transactions soared by 25.83%. The total number of large transactions stood at 10,200 in the past 24 hours. To put things in perspective, large transactions refer to trades equal to or greater than $100,000.
Market watchers are especially interested in whale activities in the Cardano community. This uptick in whale action might impact price performance positively. Notably, when whales transact, they can increase liquidity levels and bolster the market outlook. If this happens, ADA could register an appreciable price rally.
ADA is trading at $1.10, a 3.77% surge in the last 24 hours as of this writing. The asset had declined in previous trading, and the latest price performance occurred after ADA rebounded from a low of $1.0595.
Could ETFs propel ADA to new highs?
Analysts have emphasized that data from IntoTheBlock hints at ADA whales believing in something big that might come to the fore soon. They maintain that if the buying spree by these whales continues, ADA might resume its ambition to test the $1.50 resistance level.
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Although an earlier U.Today report hinted at predictions of a likely surge to $3 if favorable conditions persist, ADA has to work for it. Primarily, Dan Gambardello, Crypto Capital Venture founder, speculates that there would be a rise to $3 if Cardano were to announce a shift to an exchange-traded fund (ETF) in the future.
Nate Geraci predicted in November that ETF issuers might file for spot ETF products to track the performance of Cardano and Avalanche. Such a development could trigger an upsurge in ADA’s price in the ongoing bullish cycle.
