Specifically, in a positive turn for the ninth largest cryptocurrency by market capital, Cardano (ADA), whale transactions rose dramatically, a sign that could bear a major impact on the asset in the future.
Data from IntoTheBlock shows that Large Holder Netflows for ADA have spiked by 393% this week, indicating the accumulation by the big holders. The rally started on the November 4, when Cardano tested the $0.32 support level and began a seven days rally to reach the multi-month high.
Cardano Hits Multi-Month Highs Amid Strong Whale Accumulation
ADA reached its high of $0.659 on Sunday, the level has been registered in March. This rally is in sync with an overall bullish trend in the market for cryptocurrencies, but especially so for ADA due to the increased volume bought by whales.
When Cardano got to the highs of $0.659 on the 10th of November and $0.654 on the 12th of November, it experienced profit taking to hinder the steady rise further. Sluggish activity had seen ADA retreat to $0.556 during Tuesday’s trading following a series of sharp upswings in the market last week.
ADA is currently priced at $0. 581. It would have decreased by 2.06% in the last 24 hours. Nonetheless, it has made a whopping 74% weekly growth. Bigger holders’ increased activity may indicate expecting its future appreciation, probably associated with the upcoming projects in the Cardano network.
Some users believe that whales are waiting for such massive profits to happen with anticipation. In its upward process, failure of ADA to penetrate the $0.66 resistance level may lead to its ranging up to $0.684 and potential further up to this year’s high of $0.81. If prices recoil, main support ranges are cited at $0.53 and $0.49, probable support.
And as the market sleeps, attention turns to what ADA is up to. At the moment, one can only say that the outcome of the recent trading reflects a new positive trend, and whales remain optimistic about the further development of Cardano’s blockchain.
