Cardano Whale Transaction Volume Soars – ADA Price Direction Change Likely, Santiment Says

3 days ago 17
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Yuri Molchan

Recent study shows that ADA transaction measurement fueled by whales has greatly accrued arsenic of late

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On May 12, Santiment analytics squad noticed a spike successful whale transactions connected Cardano chain, portion the terms dipped to the $0.40 level. The tweet adjacent specified the times erstwhile this emergence successful transaction measurement occurred – betwixt 8 a.m. and 12 p.m.

Santiment stressed that whale transaction spikes similar these are often followed by ADA terms reversal.

🐳 #Cardano's whales showed a flurry of transactions yesterday arsenic prices were bottoming retired to $0.40, betwixt 8am and 12pm UTC. These spikes person precise commonly indicated terms absorption changes for $ADA, and we're monitoring further whale enactment closely. https://t.co/KKnjXVH8no pic.twitter.com/aRTfClg8qQ

— Santiment (@santimentfeed) May 13, 2022

By now, the apical 7 coin ADA is trading astatine $0.5301 aft recovering to the $0.6 portion from $0.4. At the moment, ADA is 82.72 percent beneath its historical highest of $3.10 reached connected September 2.

This year, connected January 18, the coin managed to emergence a precocious of $1.6.

BSC whales holding 30.8 cardinal ADA

As covered by U.Today earlier this week, immoderate of the largest whales connected the BNB Chain are holding astir 30.8 cardinal ADA coins (on BCS) successful their portfolios.

The addresses of “whales” incorporate a $886,582 worthy of assorted cryptocurrencies connected average.

This suggests that these BSC investors person been accumulating ADA actively arsenic of late.

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