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Cardano (ADA), the 10th largest cryptocurrency by market cap, has recently experienced a significant surge in large transaction volumes, with a staggering 21 billion ADA transacted.
This uptick in activity is triggering an anticipation of a major price boost for ADA, as investors and analysts closely monitor the developments within the Cardano ecosystem and the broader crypto market.
According to IntoTheBlock data, 21.34 billion ADA worth $10.11 billion accounted for Cardano's large transaction volume in the last 24 hours.
Large Transactions Volume gives an idea of the total amount transacted by whales, or large holders, and institutional players on a given day. Spikes in Large Transactions Volume point to high activity among whales or institutional players either buying or selling. Large transactions, in this context, refers to those greater than $100,000.
The large transaction volumes might indicate a growing interest from whales, who are likely accumulating ADA in anticipation of future price appreciation.
Tomiwabold OlajideIntoTheBlock reported on May 15 that Cardano whales holding between 100 million and 1 billion ADA added 11% to their balances over the past month to increase their stakes to 6.7% of ADA's total supply. This significant accumulation of ADA can boost market confidence, which might contribute to positive price momentum in the long run.
ADA price action
After four consecutive days of gains, Cardano's native cryptocurrency, ADA, has encountered a wave of profit-taking. The digital asset, which has been riding a bullish wave, saw its upward trajectory momentarily stall as holders began to cash in on their recent profits.
At the time of writing, ADA was down 0.77% in the last 24 hours to $0.4665, down from highs of $0.491 reached on May 17.
In the short term, crypto market participants are keeping a keen eye on ADA's price movement. The cryptocurrency's ability to maintain its current support levels will be crucial in determining whether the recent price rally will continue or if a further correction is on the horizon.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team