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In an interesting move, Cardano (ADA) rebounded by approx 4% in the past 24 hours, in what appears to be an uptick in activity among senior ADA holders. ADA price started the week on a bearish note and spent most of the week in a downtrend. In particular, the price of ADA fell by about 9.5% to bottom at $0.33260. However, the cryptocurrency rebounded and rose by about 6% from this low.
This rise in prices was accompanied by a large volume of transactions, especially from large holders, also known as whales. According to IntoTheBlock (ITB) data, this transaction volume amounted to 17.33 billion ADA, worth about $6 billion.
Significant spike in Cardano whale activity
A measure of the size of large transactions From IntoTheBlock Tracks details of transactions worth $100,000 or more. Interestingly, this metric puts the value of whale transactions at $24.18 billion in the past seven days, a notable increase from last week’s readings. A large portion of these transactions were recorded in the past three days, with moves of $6 billion on October 11 and $5.8 billion on October 10.
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The rise in whale activity appears to be closely linked to ongoing developments within the Cardano ecosystem. According to a recent report from inputoutputCardano has remained a major hub for blockchain developers, especially after its recent node upgrades to v.9.2.0 and the subsequent v.9.2.1 release. InputOutput data reveals that by the end of September, there were 1,376 active projects being built on Cardano, confirming its popularity among blockchain innovators. Additionally, during September, the number of original tokens minted increased by 80,000, while the total number of transactions on the network increased by 1.34 million.
ADA price reaches $0.5 or falls again?
ADA price action has come under intense scrutiny in recent weeks, and sentiment among investors has been more negative than usual, especially on social media. Cardano’s creator, Charles Hoskinson, I addressed this feeling On the social media platform X.
Hoskinson explained that the negative outlook does not reflect any failure on Cardano’s part, stressing that the project continues to grow. He also took the opportunity to criticize other crypto ecosystems, noting that Cardano remains one of the few cryptocurrencies that remains committed to being a true decentralized currency, unlike those aligned with giants like BlackRock and Wall Street.
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Despite the pessimism, ADA price managed to achieve this Maintaining the key support level at $0.33providing some relief to bullish investors. Additionally, on-chain metrics such as net network growth and positive momentum in the futures market indicate a more optimistic outlook. The recent uptick in whale activity could indicate… A more sustainable start ADA price hike.
At the time of writing, ADA is trading at $0.354. The first target is a major breakout above $0.40 before returning to $0.50.
Featured image created with Dall.E, chart from Tradingview.com
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