A recent surge in large Cardano (ADA) transactions suggests the cryptocurrency could be poised for a price reversal, according to crypto analytics firm Santiment.
Whale Activity
On Monday, the number of Cardano whale transactions exceeding $100,000 hit its highest level since November. Historically, such spikes have been associated with potential price reversals.
Market Performance
Despite the whale activity, ADA’s market cap has declined by 43% since March. At the time of writing, ADA is trading at $0.441, down nearly 4% in the past 24 hours.
Trading Volume
Santiment also notes that crypto trading volume has reached its lowest point since January, indicating indecisive traders. However, a spike in volume could signal a potential market-wide rally.
Bitcoin’s Performance
Bitcoin (BTC) is currently trading at $60,442, down over 5% in the past 24 hours. The top cryptocurrency’s market cap has declined by more than 15% in the past month.
