Thousands of large transactions have been observed on the Cardano (ADA) blockchain in the past 24 hours. This metric indicates an increase in activities by Cardano whales.
Impact on price and market sentiment
According to data from IntoTheBlock, an on-chain analysis platform, 16.25 billion ADA, worth $17.61 billion, has been traded in recent whale activity.
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To complement this volume, large transactions increased by 25.83%. The total number of large transactions reached 10,200 in the past 24 hours. To put things in perspective, large transactions refer to trades equal to or greater than $100,000.
Market watchers are particularly interested in the whale activities in the Cardano community. This increase in whale activity could positively impact price performance. It is worth noting that when whales trade, they can increase liquidity levels and boost market prospects. If this happens, ADA could see a significant price increase.
ADA is trading at $1.10, up 3.77% in the past 24 hours as of this writing. The asset had been trading lower in previous trading, with the latest price action occurring after ADA bounced off a low of $1.0595.
Could ADA ETFs Push to New Highs?
Analysts have highlighted that data from the IntoTheBlock platform suggests that ADA whales believe something big is coming soon. They assert that if the buying spree by these whales continues, ADA could resume its ambition to test the $1.50 resistance level.
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Although a previous report from U.Today suggested a potential surge to $3 if favorable conditions persist, ADA has work to do. In particular, Dan Gambardella, founder of Crypto Capital Venture, believes there will be a surge to $3 if Cardano announces a transition to an exchange-traded fund (ETF) in the future.
Nate Geraci predicted in November that ETF providers may be applying for ETF products to track the performance of Cardano and Avalanche. This development could boost the price of ADA in the current bull cycle.