The News Crypto -
- On-chain data analyzed by crypto analyst Ali reveals a significant increase in large Cardano transactions.
- Transactions over $100,000 in ADA have consistently hit new highs since August.
- The spike in whale transactions aligns with Cardano’s recent strong price performance.
On-chain data analyzed by leading crypto analyst Ali shows a significant rise in large transactions on the Cardano blockchain over the past three months. This indicates growing institutional interest that could propel the eighth-largest cryptocurrency to new price heights.
#Cardano | In the last three months, there's been a significant increase in $ADA transactions over $100,000, reaching new highs consistently.This surge points to growing interest in #ADA from institutional players and whales, which is usually a precursor to price spikes. pic.twitter.com/APczM2PGxM— Ali (@ali_charts) December 4, 2023
Citing transaction data, Ali noted ADA transfers over $100,000 have regularly reached new highs since August, demonstrating increased activity among crypto “whales”—individuals or organizations holding large amounts of an asset. These types of big-money trades usually precede price rallies, as whales have an outsized impact on market sentiment and liquidity.
Spike in whale transactions coincided with Cardano’s price performance
Indeed, the spike in whale transactions on Cardano coincided with ADA’s strong recent price performance. According to CoinGecko, the cryptocurrency was up 23.8% in the last month at the time of writing. Its current price of $0.398 also marks a 24-hour gain of 2%.
The sustained whale-buying pressure suggests growing confidence among major players in Cardano’s fundamentals and technology roadmap. As the largest proof-of-stake network, Cardano is poised to benefit from rising institutional crypto adoption given its energy efficiency and scalability advantages relative to proof-of-work rivals like Bitcoin.
Should whale activity continue mounting in the weeks ahead, it could further lift ADA’s price momentum. Technical analysts will be watching to see if the cryptocurrency can break decisively above the key $0.41 resistance level breached briefly yesterday, which would open the path to test highs of $0.42 and potentially $0.46 in the near-term.
Downside risks remain if traders opt to book short-term profits, though support at $0.37 should curb major declines. Overall, the data implies the stage may be set for Cardano to achieve new price heights in its push for mainstream blockchain adoption. Increased whale interest remains a bullish signal for where ADA may be heading next.
This article was originally published on thenewscrypto.com
