Cardano shows strength, with large-scale transactions soaring past $10 billion. Can it help ADA return to the $1 mark?

As on-chain data continues to be updated, Cardano’s recent downward trend appears to be nearing an end. While the overall cryptocurrency market continues to slump, Cardano is starting to show unusual resilience.

Its native token ADA has recently seen significant growth in on-chain transactions among large holders. This active phenomenon demonstrates strong interest and enthusiasm for this blockchain technology. It is particularly worth mentioning that in the past 24 hours, Cardano’s total large-scale transactions have exceeded 10 billion U.S. dollars, an increase of 26% from before. In the past seven days, ADA’s total large-value transactions have reached as high as US$32.54 billion.

Cardano’s large transactions soar, breaking $10 billion mark in 24 hours

Cardano, like most other cryptocurrencies, has experienced significant price fluctuations since the beginning of the month. Especially in the past 48 hours, Cardano’s downward trend has further intensified as Bitcoin fell below $65,000. However, now Cardano appears to be gaining upward momentum from large holders. According to ITB data, in the past 24 hours alone, $10.43 billion worth of ADA (approximately 27.17 billion coins) were traded among large holders.

Interestingly, Cardano’s number of large transactions jumped to 851 in the past 24 hours, a 107% increase from the 410 recorded on June 16.

IntoTheBlock’s large transaction metric measures the number of transactions over $100,000 on the blockchain. It’s worth noting that while activity among this group has grown over the past 24 hours, it’s still well below the peak of 95,730 transactions set on May 29.

Could large transactions push ADA back to $1?

As large holder activity increases, a natural question is whether this can translate into a significant increase in the price of ADA. Many analysts believe that ADA still has plenty of upside if the cryptocurrency market recovers and turns uptrend again. Taking Cardano as an example, its current 30-day MVRV ratio is -12.6%, which is a very positive short-term rebound indicator. #美联储何时降息？ #热门话题 #ADA $ADA