Internal and External Pressures? ADA Whale Activity Hits Record Highs! Aiming for the $2 Mark!
Despite the optimistic market sentiment, ADA has dropped by 2.84% in the past 24 hours. Nevertheless, the asset still maintains a weekly gain of 4.59% and has risen by 47.55% over the past month.
The increase in investor activity and the decrease in the supply of ADA on exchanges may lay the groundwork for a price reversal, pushing the asset to higher levels.
Surge in whale trading indicates rising confidence
As of the latest statistics, the Cardano network has processed 687 transactions worth over $1 million in the past 24 hours. This increase is attributed to institutional investment and whales re-holding ADA tokens. When the currency trades within a relatively narrow range, Cardano's trading volume has been increasing, indicating that ADA's price is beginning to rise.
