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06/20/2024

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Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1?

The Cardano decline in the past week seems to be coming to an end, as evidenced by on-chain data. While the overall crypto market has been in a slump, Cardano is starting to buck the trend. ADA, Cardano’s...

Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1?
Cardano whales

The Cardano decline in the past week seems to be coming to an end, as evidenced by on-chain data. While the overall crypto market has been in a slump, Cardano is starting to buck the trend. ADA, Cardano’s native token, has seen a huge surge in on-chain transactions from large holders, indicating sporadic activity and interest in the blockchain. Notably, transaction data shows that Cardano has registered over $10 billion worth of large transactions in the past 24 hours, representing a 26% increase within the time frame. Furthermore, this puts the worth of ADA large transactions at $32.54 billion in the past seven days.

Cardano Large Transactions Climb To $10 Billion in 24 Hours

Cardano, like most altcoins, has been going through a turbulent price action since the beginning of the month. This decline was further exacerbated by Bitcoin’s drop below $65,000 in the past 48 hours. However, Cardano now seems to be building bullish momentum, particularly from large holders. In the past 24 hours alone, 27.17 billion ADA, amounting to $10.43 billion, was traded between large holders, according to ITB.

Interestingly, the number of Cardano large transactions jumped to 851 in the past 24 hours, which is a 107% increase from 410 of such transactions recorded on June 16th.

IntoTheBlock’s large transaction metric measures the number of transactions larger than $100,000 on the blockchain. It’s worth noting that while activity from this cohort has grown in the last 24 hours, it remains considerably below the transaction peak of 95,730 set on May 29.

Can The Activity Push ADA To $1?

With activity from large holders starting to increase, a natural question is whether this can translate to significant price appreciation for ADA. Many analysts think ADA still has plenty of room to run if the crypto market recovers and turns bullish again. Cardano, for one, now has its 30-day MVRV ratio at -12.6%, which is a very bullish indicator for a bounce in the short term.

At the time of writing, ADA is trading at $0.3915 and is up by a meager 0.45% in the past 24 hours. Interestingly, recent price action shows ADA bouncing off a 7-month low of $0.3685 on June 18.

The journey to $1 seems tough at the moment, and there are many price resistance levels to overcome. The first step is to push above the $0.400 resistance level. Failure to push above could lead to the start of another decline to $0.37. However, ADA reached an all-time high of $3.10 in September 2021, so reclaiming $1 is not yet out of the game.

Cardano price chart from Tradingview.com
ADA price struggles to hold up | Source: ADAUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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