Crypto analytics firm Santiment reported that profit taking accelerated after Cardano’s (ADA) strong performance in November. ADA gained more than 220% in November. However, after this increase, many investors took their profits and started selling their positions. This development created significant movement in the market.
In particular, there was a major selling wave on November 22nd, with approximately $165 million worth of ADA sold. This was recorded as the largest profit-taking day in the last eight months. On the same day, discussions on social media about ADA also drew attention, reaching an 11-month peak. Analysts state that this intensity seen on social media is usually a precursor to price fluctuations.
Santiment warned investors that this intensity on social media could lead to possible fluctuations in price movements and emphasized that market movements should be monitored carefully. According to the analysis, which states that the performance of ADA and other altcoins largely depends on the movements of Bitcoin (BTC), BTC is currently defending a critical support level of $ 95,000. If this level is maintained, it is predicted that new upward movements may begin in the altcoin market. It is thought that altcoins such as XRP, Stellar, Hedera and Algorand in particular may gain value.
Currently trading at $1.08, ADA has fallen by 4% in the last 24 hours. ADA’s price movements in the future will likely depend on market conditions and investors’ strategies.
Santiment points out that volatility in the crypto market should be closely monitored, noting that developing accurate analyses and strategies plays an important role in reducing risks for investors.