The price of Cardano (ADA) is now rebounding as transactions from whale investors soar 10%. This move follows a 4% drop in ADA this week during a general downturn in the crypto market.
Notably, the upward momentum in ADA’s price illustrates whales’ influence on the crypto market. Investors’ sentiment is generally positive when transactions from large holders rise.
Overview of Cardano Whale Transaction
According to IntoTheBlock data, ADA whale transactions increased by more than 10% in the last 24 hours. Following the pump, the whales transferred 19.5 billion ADA, valued at approximately $6.48 billion.
The IntoTheBlock data shows that over 3,100 large transactions were completed in 24 hours. Given weekly highs of 3,320 transactions, it is safe to assume ADA whales are onto something big.
Whales refer to large investors who hold large amounts of cryptocurrency in their wallets. A whale can be an individual or an institution, such as a company or nation. With Cardano’s volume exceeding Ethereum’s, the coin is no stranger to such huge transaction flows.
The impact of this large ADA accumulation is apparent in price increases. If this buying rush continues over the next few days, the coin may have its greatest week this month.
ADA Price Boost and General Outlook
According to market data, Cardano’s price has gained more than 1.8% in 24 hours and is now trading at $0.335. ADA is the eleventh-largest digital asset with a market capitalization of over $12 billion.
In the last 24 hours, the trading volume dropped by 12.4% to $202,247,177. Cardano’s circulating supply has reached 35,960,643,044, representing about 80% of the total supply.
The next crucial support for ADA is at $0.343. A break above this level could push the coin higher. However, if it falls below this support, ADA could experience price declines and probe the $0.3 support.
In his latest analysis, Crypto Capital Venture Founder Dan Gambardello hinted at a possible rally for Cardano based on a four-year price trend. He pointed to a bullish divergence on the ADA/Bitcoin daily chart and noted that Cardano rallied over 1,000% against Bitcoin when a similar divergence appeared in 2020.
If history repeats itself, Gambardello believes Cardano investors might see their investments making huge profits.
What is Going on in the Cardano Ecosystem?
Cardano hosted the FET token from the Artificial Superintelligence (ASI) Alliance project in the recent ecosystem development. The project plans to leverage Cardano’s advanced and secure infrastructure to develop a decentralized and ethical AI ecosystem.
Meanwhile, Cardano founder Charles Hoskinson has made headlines over the past week. He addressed ADA staking misconceptions. According to Hoskinson, Cardano staking is liquid and always accessible rather than locked.
He was also at the center of a debate comparing Cardano and Solana. The discussion revolves around each platform’s approach to technology, consensus process, and scalability. Hoskinson claims Cardano is superior to Solana in transaction speed and throughput.
However, current technical research reveals that both protocols have advantages and disadvantages.
