- Cardano (ADA) whale transactions have been witnessing significant spikes over the past weeks.
- ADA price has, however, been having a different reaction over the same period.
In recent weeks, Cardano’s (ADA) price has seen a fall, with just a few encouraging signs. Despite this, there has been a notable rise in the number of whale transactions.
Read Cardano (ADA) Price Prediction 2023-24
Whales in the Cardano waters
Santiment’s data showed that Cardano (ADA) whale activity has increased dramatically since February. The number of transactions involving whales (those worth more than $100,000) has increased dramatically.
Considering what was visible, it did not appear that the volume of transactions would be decreasing soon. As of this writing, almost 300 whale transactions, over $100,000, had already been made.
Source: Santiment
The increase in the size of ADA whale transactions points to increasing interest in the asset from institutional investors.
This new development will be a welcome change if it proves consistent, given Cardano’s years of struggle to establish itself.
The whale attraction to Cardano
Cardano has detailed its strategy for integrating blockchain technology into the world’s economic and social infrastructure for several years.
Cardano fans may find the proposals intriguing, but the current price range of ADA may be a driving factor in increased whale interest.
There may be a price increase on the horizon, and the current uptick in buying and stockpiling may be a prelude. Its Total Value Locked (TVL) has also increased, which could indicate ADA’s potential. Thus, getting in early at the current pricing might look ideal.
ADA swimming against sell pressure
The start of major whale transactions did not result in a noticeable price change when looking at Cardano (ADA) on a daily timeframe.
But, it has been unable to acquire traction in the upward direction during the previous week, and persistent selling pressure continues to threaten its gains. As of this writing, it was trading at about $0.34 and had a more than 4% profit.
Source: TradingView
Since the Relative Strength Index (RSI) reading was below the 50 level, the market was still bearish.
Cardano’s TVL gets a bump
Based on DefiLlama’s data, Cardano’s network has achieved substantial progress, as measured by the Total Value Locked (TVL).
It was last seen at this level in July 2022. There was a 2.72% growth in Cardano’s TVL during the previous 24 hours, bringing the total value to $117.86 million as of this writing.
How much are 1,10,100 ADAs worth today
Despite the lackluster price change, the recent uptick in whale transactions may be a precursor to a subsequent price increase. The whole magnitude of the effect is still unknown, but the whales show no signs of slowing down anytime soon.
