Cardano whale transactions cross $16.74 billion, ADA on track for a price rally

Proponents have observed a rise in whale transaction activity on Ethereum-killer Cardano’s network. Whale transactions exceeding $100,000 have crossed $16.74 billion as large wallet investors continue to accumulate ADA. 

Cardano is set for a rally on this condition

Cardano price is on track to make a comeback as whale activity on the Ethereum-killer’s network increases. Proponents have noted a rise in the number of addresses on the Cardano network. ADA has over 5.3 million wallet addresses of which over 50,000 are active wallets, transacting regularly on the Cardano blockchain. 

Active Addresses on the Cardano Network

Interestingly, the rise in whale wallets is accompanied by rising activity by large wallet investors. Whales have traded over $16.74 billion worth of ADA over the past week in transactions exceeding $100,000. Typically, a rise in whale activity is associated with a brewing price rally in the altcoin. 

In the case of Cardano, there is an accumulation and an increase in trade volume by whales. Large wallet investors have scooped up $18 billion in Cardano, adding the altcoin to their portfolio. 

Based on data from IntoTheBlock, nearly 83,500 addresses had previously purchased 27.7 billion ADA tokens at an average price of $0.92. Cardano price would have to claim this price level and take over the supply wall in its uptrend. 

Analysts have evaluated the Cardano price trend and observed bullish signs. @CryptoCapo_, a pseudonymous crypto analyst and trader, believes if Cardano price breaks key resistance at $0.95, it would confirm bullish prediction and rally to $1.7. However, if ADA failed to cross resistance it could plummet to main support between $0.45 to $0.50.