Cardano whale transactions cross $16.74 billion, ADA on track for a price rally
- Cardano network has witnessed a spike in activity, with 5.3 million addresses on the ADA network.
- The total volume traded by whales on the Cardano network has crossed $16.74 billion.
- Analysts predict a rally in Cardano as whales scoop up $18 billion worth of ADA.
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.
$ADA main analysis
— il Capo Of Crypto (@CryptoCapo_) February 22, 2022
It just broke the key level (0.95-1.00) after many tests.
Next support is 0.45-0.50. I expect a bounce from there, which could last weeks, and then the resistance would be the key level that was just broken. Bullish above, bearish below. https://t.co/DCjbSE4GX1 pic.twitter.com/GFLFlTWhQy
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
