Cardano whales seem to be on a radical move as a key metric pointing to their activity — large transactions — is seeing a spike.
According to a crypto analyst, Ali, large ADA transactions are on the rise, suggesting that Cardano network activity is heating up as institutional players and whales make their moves.
Ali added that this remains a bullish sign, supporting the ADA uptrend.
As reported, Ali stated that Cardano is poised to confirm a head and shoulders pattern, potentially igniting a 44% breakout that could propel ADA to $0.60.
At the time of writing, Cardano's ADA was up 4.20% in the last 24 hours at $0.458, outperforming the top 10 in daily gains. The coin is likewise up 17.80% in the past seven days.
Taken from April 7, ADA is set to mark its ninth consecutive day in green, reaching intraday highs of $0.459 at the time of writing.
Supporting the ADA price increase is the positive crossing of its moving averages, an occurrence not seen in years. For the first time since 2020, Cardano's daily moving average (MA) 50 has crossed over the MA 200, which is deemed positive.
Network developments continue
ADA whale, a Cardano community-focused Twitter account, has taken to Twitter to highlight several positive developments seen in the Cardano ecosystem during the week. Some of these are listed below.
IOG's lightweight wallet, Lace, launched on the mainnet. MELD, a Cardano DEX, has also announced the upcoming launch of its wallet and bridge. This is anticipated to bring traffic to Cardano.
Cardano's founding entity, EMURGO, is funding the largest ever Cardano hackathon, tagged "EMURGO BUILD 2023," and will award $2 million in total prizes.
AnetaBTC announced progress made in its project during the week. The public testnet of anetaBTC, which will bring non-custodial wrapped Bitcoin to Cardano, is scheduled to launch on April 20, 2023.
Cardano's biggest DEX by TVL, Minswap, saw its highest volume month in March. ADA whale notes that although volumes across Cardano are still low, this key metric seems to be growing fast.