Crypto analytics platform Santiment has shared notable data on big investors called crypto whales. The data in question reveals that whale transactions are increasing for a popular altcoin.
centiment to the data According to the report, the activity of whales on Cardano (ADA) has increased significantly since the beginning of 2023. The number of transactions above $100,000 involving ADA is so high that this increase could trigger a rally. In the previous period of a similar rise, the price of Cardano’s native token had increased by almost 40% within weeks. So here comes the question of whether history repeats itself.
When the data is analyzed in a little more detail, the number of addresses holding ADA has increased by 36 from 1 million to 100 million since the beginning of the year. The altcoin price reacted accordingly, posting a 59% rise in just over a month. If we take into account the previous period data, the price of the popular altcoin ADA could double its value at the beginning of the year.
In summary, according to Santiment, the popular altcoin Cardano is experiencing a resurgence in terms of whale activity. Moreover, this recovery could result in another 36% price boom.
“The numbers of Cardano whales have increased in 2023 and large transactions have exploded significantly. The last time this many ($100k and above) ADA transactions was in May, and its price was up 36% from the start of that week to its local peak in early June.”
NEWS CONTINUES BELOW
Latest situation in altcoin price
ADA has been struggling with the resistance at $0.4 for a while. The altcoin made a number of attempts to break beyond this resistance level but failed, currently trading at $0.39. However, Cardano price is not in a rush to drop as it usually does after failed bullish attempts, giving its investors hope.
In addition to technical reasons, there are also fundamental reasons. In the coming weeks, the Cardano ecosystem is expected to perform an update aimed at improving interoperability and cross-chain compatibility.
You can follow the current price action here.