Explore the recent surge in large Cardano (ADA) transactions and the potential signs of an upcoming price rally.
With a detailed look at ADA's recovery to significant resistance levels and insights from top analysts, this article provides a compelling overview of the evolving landscape in the Cardano market.
Sharp Rise in ADA Transactions Above $100,000
Renowned analyst Ali (@ali_charts), with over 34,000 followers on X (formerly Twitter), reported on December 4, 2023, that there has been a surge in Cardano (ADA) transactions exceeding $100,000.
He highlighted that "there is a growing interest in ADA among institutional investors and whales."
According to Ali's report, the past three months have seen a rapid increase in the number of ADA transactions exceeding $100,000.
This surge in large transactions indicates growing interest from institutional investors and whales, which is often seen as a precursor to a price rally.
ADA Price Recovers to Around $0.42
The price of Cardano (ADA) had fallen to around $0.24 on October 19, 2023, but has since been on the rise.
As of the time of writing, the price has recovered to around $0.42, which had been a significant resistance line since the end of last year.
Recent price increases have also led to a rise in the number of Cardano wallets in profit. Data from IntoTheBlock reports that as of December 6, 2023, 45% of ADA holders are currently profiting at the prevailing price.
In Cardano-related news, there have been reports for several months that the number of whales holding large amounts of ADA is increasing.
Consequently, there is a growing expectation within the cryptocurrency community for a robust bullish trend in ADA.
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