Cardano (ADA) has been experiencing an increase in large transactions, according to a tweet by crypto trader Ali (@ali_charts). This surge in activity suggests that institutional investors and whales are making moves on the Cardano network. The blockchain tracking firm, IntoTheBlock, provided data that showed that 4.73k transactions were conducted in the last 24 hours, marking the highest transaction activity in the last seven days. Ali views this as a bullish sign for the Cardano network and its native token, ADA.
At the time of writing, ADA’s price stands at $0.4491, having increased by 2.60% in the last 24 hours, according to CoinMarketCap. This positive performance has added to ADA’s already-positive weekly price performance, with the token’s price having increased by more than 15% over the last seven days. Additionally, ADA has performed well against the two market leaders, Bitcoin (BTC) and Ethereum (ETH), with its price having increased by 3.68% against BTC and 3.04% against ETH in the last 24 hours.
While ADA’s trading volume has dropped slightly in the last 24 hours, its total daily trading volume is estimated to be $565,203,706 at the time of writing. This marks a 21.65% decrease compared to yesterday’s trading volume. However, ADA’s price may still set a new daily high before the end of today’s trading session, given that it is trading very close to its 24-hour high of $0.4489. Meanwhile, the token’s 24-hour low rests at $0.4274.
It is important to note that the views and opinions expressed in this price analysis are published in good faith. Readers are encouraged to conduct their own research and due diligence before taking any action. Any action taken by the reader is strictly at their own risk, and Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
In conclusion, ADA’s recent increase in large transactions is a positive sign for the Cardano network and its native token. With its positive price performance and strong performance against market leaders BTC and ETH, ADA is definitely a token to watch in the coming days and weeks.
