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.
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.
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.
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.
Alex Dovbnya
Valeria Blokhina
