- Over 137 Cardano transactions exceeding $1 million occurred in a day, signaling intensified whale activity on the ADA network.
- ADA has surged 75% since June 22, reaching a 20-week high of $0.896 before facing short-term resistance.
- Technical indicators show a bullish breakout, with volume up 111% and support formed above key moving averages.
Cardano (ADA), the tenth-largest cryptocurrency by market capitalization, is witnessing a notable increase in large-volume transactions. In the past 24 hours alone, over 137 transactions exceeding $1 million each were recorded, indicating a rise in whale involvement on the network. These high-value transactions are often associated with institutional activity or major investors returning to the market.
This surge in whale activity coincides with a strong upward price movement for ADA. Since June 22, the asset has gained 75%, rebounding from a recent low of $0.50. ADA reached a 20-week high of $0.896 on Friday before facing resistance and settling slightly lower. Despite a 2.7% dip in the last 24 hours, ADA remains 15 percent higher every week.
Market Sentiment Shifts as Consolidation Ends
The increase in whale transactions and price action follows a period of market consolidation. ADA’s recent rally reflects improved sentiment among traders and investors. Analysts suggest that the coin may be entering a new bullish phase, supported by technical indicators and trading volume.
Analysts observed that ADA broke out of a bull flag pattern on the weekly chart. The cryptocurrency also flipped its 50-day and 200-day simple moving averages into support, further strengthening the bullish outlook. The projected target from the pattern is around $2.70, which would mark a substantial increase if realized.
Volume Surge Underscores Market Interest
ADA’s trading volume has also surged, with a reported 111% increase, suggesting growing interest from both retail and institutional participants. The alignment of technical signals and investor behavior adds weight to the current upward trend in Cardano.
