The Cardano blockchain recorded massive transactions worth billions of dollars, raising questions about whale activity and market sentiment.
Impact on Price and Market Sentiment
According to data from IntoTheBlock, a total of 16.25 billion ADA worth $17.61 billion was moved on December 17 over 24 hours. This surge was accompanied by a 25.83% increase in large transactions, with the total number reaching 10,200.
For context, large transactions are defined as trades with a value of $100,000 or more.
The market's attention is focused on the activity of large investors, also known as whales, within the Cardano ecosystem. Increased whale transactions can improve liquidity and strengthen market sentiment, which may lead to price gains.
At the time of writing, ADA is trading at $1.10, reflecting a 3.77% increase during December 17. This price rebound followed a low of $1.0595, recorded during the previous trading session.
Could ETFs Drive ADA to New Highs?
Analysts point to data from IntoTheBlock, suggesting that ADA whales anticipate significant developments. If their buying activity continues, ADA could potentially test the key resistance level at $1.50.
A previous report by U.Today predicted that ADA could rise to $3 under favorable conditions. Dan Gambardello, founder of Crypto Capital Venture, suggested such a surge could occur if an ETF tied to Cardano were to be announced.
Nate Geraci already predicted in November that ETF issuers may soon apply for approval of spot ETF products tracking the performance of Cardano and Avalanche. Such a move could further boost ADA’s price and support its growth during the current bullish cycle.
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