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04/30/2024

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Cardano Whale Transactions Explode Hinting At ADA Price Reversal In Short Term

Highlights Cardano whale transactions surpass $100,000 in value recently. The ADA price is currently trading at a crucial support zone of $0.45 in a make or break situation. The Cardano active wallets...

Cardano Whale Transactions Explode Hinting At ADA Price Reversal In Short Term

Cardano ADA CTO

Highlights

  • Cardano whale transactions surpass $100,000 in value recently.
  • The ADA price is currently trading at a crucial support zone of $0.45 in a make or break situation.
  • The Cardano active wallets have seen a drop in the recent times.

Amid the broader market sell-off, Cardano’s native cryptocurrency ADA has also been facing strong selling pressure correcting over 11% on the weekly chart. As of press time, the Cardano (ADA) price is trading 0.36% down at a price of $0.4536 and a market cap of $16.16 billion.

Cardano Whale Transactions Explode

According to recent findings by on-chain data provider Santiment, transactions involving large sums of Cardano (ADA) tokens, surpassing $100,000 in value, have surged to their highest level since November 8th.

This notable uptick in Cardano whale activity has historically coincided with instances of possible price reversals in ADA’s market trajectory. Notably, the market capitalization of ADA has experienced a significant decline, plummeting by 43% since March 13th, indicating a period of substantial volatility and market adjustments for the cryptocurrency.

Courtesy: Santiment

ADA Price Action Ahead

Last week, the Cardano (ADA) price lost its major support at $0.50 levels slipping all the way to $0.45, which is the critical support zone for the altcoin. Should ADA’s price experienced a decisive decline below its current level, it could potentially stimulate additional bearish momentum, with the next significant support anticipated at $0.4280.

Conversely, ADA’s immediate resistance is identified at $0.4920, followed by the psychological threshold of $0.500. A conclusive breakthrough above this level might instigate a rally, potentially propelling ADA towards $0.5250, and even up to $0.5650 in the event of prevailing bullish sentiment.

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Despite the broader market’s bearish trend, ADA hasn’t been immune, experiencing a decline in global market cap, mirroring its subdued Year-to-Date (YTD) performance with a -23.69% contraction. Santiment’s data indicates a marginal decrease in active ADA wallets over the past three months, contrasting with signs of market recovery. This anomaly may imply either an undervaluation of ADA or a decline in interest among investors and users.

Data sourced from Santiment reveals a slight decrease of 0.13% in the total number of active Cardano (ADA) wallets over the past three months. This trend distinguishes ADA as one of the few networks witnessing a reduction in wallet activity during this timeframe.

📊 The total amount of non-empty #Bitcoin wallets are rapidly growing despite choppy prices. #Altcoin wallets for assets like #Dogecoin have flattened after enormous rises earlier this year. #Cardano is one of the few networks to see active wallets drop. https://t.co/itg9qMes7c pic.twitter.com/yrOlEQw3jy

— Santiment (@santimentfeed) April 27, 2024

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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