ADA, which has seen an unprecedented surge recently, has attracted attention through whale activity.
#Cardano (ADA) reached $1.15 for the first time since April 2022 with its sharp rise last week. This rise was achieved thanks to reduced selling by long-term investors and the desire of whales to buy. ADA could target even higher levels in the short term with its increasing bullish momentum.
The 217% surge in the price of $ADA in November caused the whales to move. This situation was also observed with the decrease in the 30-day average coin age data for ADA. The average coin age measures the “age” of all coins in the original and how long they have been held. The decrease in this metric indicates that previously inactive coins have mostly been moved for selling purposes.
However, this trend reversed last week. According to data from Santiment, the average age of ADA has started to trend upward, indicating that the network is gathering more. The drop in sales by long-term ADA investors has contributed to a 10 percent price increase in the past seven days.
In addition, ADA whales have also increased their pool during this period. Onchain data shows that addresses holding between 100 million and 1 billion have purchased $276 million worth of coins in the past seven days. The increase in whale pools indicates confidence in the future price movement of the asset, which can increase market demand and lead to a price increase.
The Elder-Ray indicator by Cardano on the daily chart confirms the bullish trend of the popular altcoin. The indicator is currently at 0.31. This indicator measures the strength of a trend by comparing buying pressure and selling pressure in the market. A positive value indicates that buying pressure has exceeded selling pressure and indicates an uptrend.
