Cardano (ADA), the 10th-largest cryptocurrency by market capitalization, has seen a significant surge in $1 million transactions as whale activity picks up.
According to Ali, a cryptocurrency analyst, whale activity on the Cardano (ADA) network has surged this week. Over 137 transactions of over $1 million each were recorded alone in the last 24 hours.
This increase in high-value activity indicates that whales – often major institutional players or investors – are becoming more active on the Cardano network.
This comes as ADA price gains renewed bullish sentiment. Cardano surged 75% between June 22 and Friday, potentially signaling the end of a multimonth downtrend that bottomed out at $0.50 in June.
Following three days of consecutive gains since July 15, ADA rose to a 20-week high of $0.896 on Friday, where it encountered resistance.
At the time of writing, ADA was down 2.7% in the last 24 hours to $0.816, in line with the ongoing profit-taking in the market, but remains higher by 15% weekly.
Big move coming?
Cardano has seen renewed bullish momentum following a period of price consolidation. With whale activity heating up and fundamentals remaining strong, some analysts believe a potential breakout could be on the horizon.
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According to analysts, ADA broke out of a bull flag on the weekly chart, flipping the 50-day simple moving average (SMA) and the 200-day SMA to support. The bull flag’s measured target is $2.70, representing a more than 200% gain if actualized.
As always, caution is key, as whale activity can be a sign of accumulation, but it can also signal a sell-off. Nonetheless, the sheer volume of million-dollar transactions in a single day makes this an event to follow intently.