Crypto expert Ali notes that there has been an increase in whale activity on Cardano in recent months.
Ali mentioned that there has been a noticeable rise in big transactions—that is, ADA transactions above $100,000—during the past three months, citing on-chain statistics. This value has consistently increased to new heights.
Ali claims that the increase indicates increased institutional and whale interest in ADA, which often precedes price increases.
https://x.com/ali_charts/status/1731556461115777103?s=20
This is due to the fact that, depending on whether these huge holders are buying or selling, whale activity—indicated by a spike in large transactions—can significantly affect the price and sentiment of an asset.
In the instance of Cardano, the ADA price has increased throughout a number of time periods in tandem with the recent upsurge in whale activity.
Cardano has risen by 27.2% year to date and by 25.2% over the past 30 days, according to CoinGecko statistics.
At the time of writing, ADA, the eighth-largest cryptocurrency, had gained 7.08% over the previous seven days and was up 4.17% over the previous 24 hours to $0.412.
Although it’s yet unclear, the rise in whale activity and the overall upward trend in the cryptocurrency market might push Cardano (ADA) to all-time highs.
What’s next for ADA price?
During today’s trading session, buyers managed to overcome the $0.41 barrier that had been holding back ADA’s progress in the middle of November. On Monday, ADA hit intraday highs of $0.415 but was unable to close the gap.
The positive momentum may strengthen if there is a consistent break above this crucial level, which would help the ADA pair to surge to $0.42 and eventually $0.46.
A price decline below the $0.37 support level suggests that traders trading on the short side are profiting. Bulls may next try to stop the slump if ADA drops to $0.34.
