Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
On May 12, Santiment analytics team noticed a spike in whale transactions on Cardano chain, while the price dipped to the $0.40 level. The tweet even specified the times when this rise in transaction volume occurred – between 8 a.m. and 12 p.m.
Santiment stressed that whale transaction spikes like these are often followed by ADA price reversal.
? #Cardano's whales showed a flurry of transactions yesterday as prices were bottoming out to $0.40, between 8am and 12pm UTC. These spikes have very commonly indicated price direction changes for $ADA, and we're monitoring further whale activity closely. https://t.co/KKnjXVH8no pic.twitter.com/aRTfClg8qQ— Santiment (@santimentfeed) May 13, 2022
By now, the top 7 coin ADA is trading at $0.5301 after recovering to the $0.6 zone from $0.4. At the moment, ADA is 82.72 percent below its historic peak of $3.10 reached on September 2.
This year, on January 18, the coin managed to rise a high of $1.6.
BSC whales holding 30.8 million ADA
As covered by U.Today earlier this week, some of the largest whales on the BNB Chain are holding roughly 30.8 million ADA coins (on BCS) in their portfolios.
The addresses of “whales” contain a $886,582 worth of various cryptocurrencies on average.
This suggests that these BSC investors have been accumulating ADA actively as of late.