Cardano whale activity has seen a rebound despite a slight pullback in price. The network, which remains one of the main competitors of the leading smart contract network, has caught the attention of these large investors, who have significantly increased their activity on the blockchain.
Cardano Whale Transactions Rise to 6-Month Highs
With the market returning to what looks like another bull run, the ADA whales are taking advantage of the price action. The result of this is a massive increase in his trading volume on a weekly basis, putting that back at a six-month high.
He data shows that whale transactions over $100,000 were much higher in the past week. Collectively, they moved about 30 billion ADA, which is equivalent to more than $10 billion at current prices, a significant increase from the previous week.
More importantly, the last time the whales were this active was in August 2022, when the ADA price rallied to a local high of $0.57. Usually, these big moves are accompanied by positive price trends, something that is more likely now that the market is seeing positive movement once again.
ADA price at $0.3439 | Source: ADAUSD on TradingView.com
ADA pricing looks solid
Despite the slow movement of the last week, the ADA price still maintains its position above the 100-day simple moving average. This position solidifies the digital asset’s tendency to continue on a rally rather than see another decline.
With increased whale activity, it could lead to increased demand for the asset, which would inevitably push its price up further. If this happens, ADA could quickly clear the $0.5 resistance level before it is exhausted.
However, ADA price is still seeing significant resistance just above $0.35, and with support at $0.32, it could quickly lose its current value if nothing is stopping it as well. This means that it is important for the cryptocurrency to maintain some type of uptrend or risk falling from here.
Like most altcoins in the cryptocurrency market, Cardano has not been able to keep up with Bitcoin’s recovery. Over the past seven days, the asset is seeing just a 1.23% rally. This has caused its price to trend towards the $0.34 level for the past few days.
At the time of writing, ADA is changing hands at a price of $0.3451. Its price has risen 1.35% in the last day and records gains of 0.90% on the hourly chart.
