Cardano (ADA), currently the 10th-largest cryptocurrency by market capitalization, is witnessing a significant surge in activity, particularly in high-value transactions. This uptick is often a precursor to major market movements, indicating intensified interest from large investors.
According to insights from crypto analyst Ali, the Cardano network has experienced a dramatic increase in “whale activity” this week. Notably, over 137 individual transactions, each exceeding $1.000.000,00, were recorded within a single 24-hour period. This surge in substantial transfers suggests that major institutional players or high-net-worth individuals are actively engaging with the Cardano ecosystem.
This heightened activity coincides with a period of renewed bullish momentum for ADA. Since June 22, Cardano price has soared by 75%, potentially marking an end to a multi-month downtrend that saw its value bottom out at $0,50 in June. Following three consecutive days of gains that began on July 15, ADA reached a 20-week high of $0,896 this past Friday before encountering resistance. At the time of writing, ADA was trading around $0,816, experiencing a modest 2,7% dip due to market-wide profit-taking, yet still maintaining a healthy 15% weekly gain.
Market analysts are now closely watching Cardano for a potential breakout, fueled by this robust whale activity and resilient fundamentals. Technical indicators suggest ADA has successfully broken out of a “bull flag” pattern on its weekly chart, managing to flip both the 50-day and 200-day Simple Moving Averages (SMA) into support levels. Should this pattern fully materialize, the measured target for this bull flag stands at an ambitious $2,70, representing a potential gain of over 200% from current levels. While whale activity can signify accumulation, it also carries the risk of a coordinated sell-off. Nevertheless, the sheer volume of these multi-million dollar transactions makes this a development that demands close attention from the crypto community.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Always conduct thorough research before making investment decisions.
