As the market started to get exciting with several cryptos registering green, Cardano (ADA) also stood out, showcasing notable developments
Cardano has seen a significant surge in whale activity recently, leading to speculation about its future price potential.
Market intelligence platform IntoTheBlock revealed in an X (formerly Twitter) post that Cardano whales—those holding between 100 million and 1 billion ADA—have added 11% more ADA to their holdings over the past month.
ADA MVRV Velocity and Volume . Source: Santiment
Santiment’s data shows an improvement in ADA’s MVRV ratio, a bullish indicator. Trading volume has remained high, supporting the recent price surge. However, Cardano’s velocity dropped last week, indicating reduced transaction activity.
ADA liquidation heat map. Source: Coinglass
Furthermore, analysis from Coinglass suggests Cardano might see a significant liquidation near the $0.492 mark. This could lead to price corrections, but if ADA breaks above this level, it could reach $0.5 or $0.528 shortly.
The recent surge in whale activity and growing optimism within the Cardano ecosystem suggest a promising outlook for ADA. While there are some concerns about declining user activity, the overall sentiment remains positive.
Investors should watch key price levels and market indicators closely as ADA continues to navigate these dynamic market conditions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
