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In an interesting move, Cardano (ADA) is almost recovered 4% in the last 24 hours, which appears to be an increase in activity among large ADA holders. The price of ADA started the week bearish and trended down for most of the week. In particular, ADA price fell around 9.5% and bottomed at $0.33260. However, the crypto has recovered and is up about 6% from this low.
This price rebound was accompanied by a large transaction volume, especially from large holders, also known as whales. According to data from IntoTheBlock (ITB), this transaction volume amounted to 17.33 billion ADA, worth approximately $6 billion.
Major increase in Cardano whale activity
The statistic High transaction volume from IntoTheBlock keeps details of transactions with a value of €100,000 or more. Interestingly, this metric estimates the value of whale transactions over the past seven days at $24.18 billion, a notable increase from last week’s readings. A large portion of these transactions were recorded in the last three days, with moves of $6 billion on October 11 and $5.8 billion on October 10.
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The increase in whale activity appears to be closely linked to ongoing developments within the Cardano ecosystem. According to a recent report from InputOutputCardano has remained an important hub for blockchain developers, especially after the recent node upgrades to v.9.2.0 and the subsequent v.9.2.1. InputOutput’s data shows that there were 1,376 active projects built on Cardano by the end of September, underscoring its popularity among blockchain innovators. Additionally, the number of native tokens minted grew by 80,000 in September, while the total number of transactions on the network increased by 1.34 million.
ADA Price Reaches $0.5 or Drops Again?
ADA’s price action has been under intense scrutiny in recent weeks and investor sentiment is more negative than usual, especially on social media. Cardano’s creator, Charles Hoskinson, addressed this feeling on social media platform
Hoskinson clarified that the negative outlook does not reflect any failure by Cardano, and emphasized 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 still committed to being a true decentralized currency, unlike those who align themselves with corporate giants like BlackRock and Wall Street.
Related reading: Bitcoin Price Crash: $1.83 Billion Makes Its Way to Exchanges, Is There a Massacre Coming?
Despite the pessimism, the ADA Prize has succeeded holds a key support level at $0.33providing some relief for bullish investors. Furthermore, on-chain metrics such as net network growth and positive momentum in the futures market suggest a more optimistic outlook. The recent increase in whale activity could indicate this beginning of a more sustainable one increase in ADA price.
At the time of writing, ADA is trading at $0.354. The first target is a significant break above $0.40 before a return to $0.50.
Featured image created with Dall.E, chart from Tradingview.com
