Cardano (ADA) is currently in a crucial position amid a blend of bullish and bearish pointers that could either serve as support on its journey to recover the 82% loss of last year or cause the asset to shed off the 45% witnessed since the start of the year.
Increased ADA whale activity drives demand
Behavior analytics system Santiment highlighted these metrics as they sought to address the current state of Cardano in a recent Член. Chief among these bullish pointers is a noticeable uptick in whale activity which has contributed to the surging interest in ADA.
ADA has experienced a considerable spike in the volume of whale transactions since the beginning of February. On a daily basis, there is an average of roughly 1,700 transactions valued at $100,000 or more, indicating a significant increase from January’s average of about 300 transactions. This sudden surge in trading activity points to a massive uptick.
Santiment Нагласени this uptick in whale transactions last week, revealing that the last time ADA witnessed such a high level of whale activity was in May 2022. This increase in whale activity comes at a point when the asset is attempting to recoup the values lost last year, and it, in turn, drives more demand.
Source: https://crypto.news/cardano-is-at-crucial-point-as-whales-trigger-interest/