The cryptocurrency market is moving deeper into the red zone with harsh selling pressure. Leading crypto Bitcoin is struggling to avoid losing $60,000 psychological support. Altcoins, on the other hand, are being hit hard with deeper losses. However, whales are also on the move. The increase in whale transactions indicates increased interest and activity among the largest ADA holders. Analytics platform Santiment thinks this development could be a sign of a turnaround for the altcoin.
Santiment: The increase in whale activity signals a turnaround for the altcoin!
‘cryptokoin.com’As you can follow from, the market is quite active. Amid the harsh sales waves, whales are also on the move. Analytics platform Santiment shared that Cardano (ADA) witnessed a significant increase in whale transactions exceeding $100K. Daily whale transactions for the altcoin reached 1,776 on Monday. This marks the highest number of daily transactions since November 8, 2023. Historically, such spikes in whale activity have been associated with potential price reversals that indicate possible shifts in market sentiment, according to Santiment. In this context, Santiment shared the following, accompanied by a graphic:
Cardano’s whale transactions, exceeding the value of $ 100 thousand, reached the highest amount since November 8. These increases in whale activity have historically been associated with potential price reversals. ADA’s market value has shrunk by 43% since March 13.
Intotheblock also drew attention to whale activity on the ADA
According to Santiment’s latest analysis, this increase in whale transactions indicates growing interest among influential investors. In addition, the altcoin market cap has seen a 43% decline since March 13. This indicates a significant decline in its valuation over the last few weeks.
Another crypto analysis firm, Intotheblock, made a similar observation. Intotheblock highlighted that Cardano whales have been visibly active with a massive transaction volume averaging $13.84 billion per day over the last 7 days. This figure, in comparison, essentially points to increased participation in the Cardano ecosystem. To put it in perspective, this volume is approximately one-third of Bitcoin’s current volume, more than five times Litecoin’s volume, and more than sixteen times Dogecoin’s.
Altcoin price performance
Meanwhile, Santiment’s view has not been confirmed so far as the market is bleeding. Even as whale activity increased, the altcoin price dropped more than 4% to $0.4357 at the time of writing. Despite the correction, Cardano maintains its position among the leading Layer 1 Blockchain networks. Notably, it remains one of the top projects with strong GitHub activity.
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