Crypto analyst Ali Martinez said Cardano He stated that his network has been experiencing increased whale activity in recent months.
Citing on-chain data, Ali Martinez stated that there has been a significant increase in large transactions in the last three months, namely ADA transactions over $100,000. This value regularly reached new highs.
According to Ali, this increase indicates that corporate players and whales’ interest in the ADA is increasing. This usually indicates the possibility of an increase in price. This is because whale activity, as demonstrated by the increase in large transactions, can have a significant impact on the price and sentiment of an asset depending on whether these large holders are buying or selling.
In the case of Cardano, the recent increase in whale activity has corresponded with growth in the ADA price, which has moved higher over multiple time frames. According to CoinGecko data, ADA managed to increase its transaction rate by 25.2% in the last 30 days.
At the time of writing, ADA is up 4.17% in the last 24 hours to $0.412, while the eighth-largest cryptocurrency has gained 7.08% in the last seven days.
The increase in whale activity, combined with the general uptrend in the crypto market, could push Cardano (ADA) to new highs, but it is not possible to put the probability at 100%.
Buyers managed to break above the $0.41 resistance that stalled ADA’s advance in mid-November during today’s trading session. ADA reached an intraday high of $0.415 on Monday but was unable to surpass that level.