Cardano (ADA) has become a significant point of interest among prominent investors, as recent data indicates a notable increase in whale activity within its ecosystem.
The report reveals a substantial increase in transactions involving ADA amounts greater than $100,000 in the last three months, according to official data extracted from IntoTheBlock.
This increase signals a growing appeal among institutional players and whales, often a precursor to significant price increases.
What is intriguing lies in the evaluation between this increase in whale activity and the upward trajectory of the value of ADA in different time frames.
Data from CoinMarketCap highlights the impressive 25.2% increase in ADA in the last 30 days and a 27.2% increase so far this year.
Currently valued at $0.401, it has shown an increase of 2.6% in the last 24 hours and an increase of 7.08% in the last week, consolidating its position as the #8 largest cryptocurrency.
The implications of increasing whale activity are profound in the crypto space, as the actions of large holders can significantly impact asset prices and market sentiment.
This whale transaction flow coincided with an uptrend in ADA
The confluence of these factors has raised speculation about the possibility of ADA reaching new all-time highs, although the certainty in this regard remains uncertain.
In terms of price analysis, the immediate focus falls on ADA’s movement against critical resistance levels.
Breaking the $0.41 barrier has already been achieved, but a sustained push above this threshold could trigger a solid uptrend, taking the asset towards $0.42 and possibly $0.46.
On the other hand, a decline below the support level at $0.37 could indicate profit taking by short-term traders, potentially leading ADA to test the $0.34 level, where buying interest could attempt to stem further declines.