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Is Cardano (ADA) Price Rally Imminent? Whale Activity May Signal This

Tue, 06/20/2023 - 11:32
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Gamza Khanzadaev
Cardano whales make waves as ADA price hits epic milestone
Is Cardano (ADA) Price Rally Imminent? Whale Activity May Signal This
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Cardano (ADA) recently witnessed a surge in both the number and volume of large transactions, suggesting a potential price rally on the horizon. According to crypto intelligence portal IntoTheBlock, the Cardano token experienced a significant increase in transactions valued at $100,000 or more. In a span of 24 hours on Monday, these substantial transactions rose by an impressive 990, reaching a total of 6,460.

Source: IntoTheBlock

The surge in volume was equally notable, with a staggering increase of 3.4 billion ADA (equivalent to $770 million) over the same period. The total value of these transactions amounted to an impressive 36.67 billion ADA, or approximately $9.54 billion.

Back to 2018

This uptick in large-scale Cardano transactions coincided with the ADA token's price, which stood at $0.26 during the observed period. This value is of particular significance as it mirrors the initial trading price of the Cardano token on Binance, the world's largest cryptocurrency exchange.

Such a price level holds considerable importance for experienced investors, who often seek to establish positions close to key benchmarks, allowing for better risk assessment.

Source: TradingView

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While it would be premature to definitively claim an imminent price rally for ADA, it is essential to closely monitor the behavior of prices in this range to gain a better understanding of the broader crypto market. Analyzing the influence of whale activity, or transactions involving significant amounts of ADA, can offer valuable insights into market trends and potential price movements.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.