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📊 Cardano Sees Surge in High-Stakes Transactions, Fueling Bullish Momentum
● The surge in ADA transactions exceeding $100,000 suggests increased buying pressure.
● Smart whales accumulating ADA despite recent bearish momentum.
● Historical patterns indicate periods of consolidation preceding significant price rallies for ADA.
Recent data indicates a notable surge in ADA transactions surpassing the $100,000 mark, marking a significant uptick compared to the usual averages seen in 2024. This surge suggests a potential bolstering of buying pressure for ADA in the near future.
In the past 24 hours, Cardano has seen a remarkable increase in bullish positions being liquidated, amounting to approximately $39,000. Despite this bearish momentum affecting ADA’s price, there’s a discernible trend among smart whales to capitalize on the situation, using it as an opportunity to accumulate more ADA. Data from IntoTheBlock underscores this trend, revealing a considerable uptick in large transactions, indicating a 53% increase within a week.
Santiment’s latest findings further support the notion of heightened interest in ADA, with the volume of transactions exceeding $100,000 doubling compared to typical levels seen throughout 2024. This surge in large transactions could potentially bolster ADA’s buying pressure in the days ahead.
Historically, ADA has experienced extended periods of consolidation before witnessing significant rallies. Notably, in late 2019, Cardano maintained a stable trading range for about three months before experiencing a notable surge. Similarly, last summer saw ADA’s price hovering between $0.25 and $0.30 before an October rally led to substantial price
movements.
Currently, ADA’s price hovers around $0.46, having faced resistance near the EMA200 level on the 4-hour price chart. The next moves for ADA’s price remain uncertain, with potential scenarios including a bullish breakout above $0.46 towards the 50-day SMA at $0.51 and possibly higher, or a bearish downturn below key support levels.
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