This uptick in activity is triggering anticipation of major price boost for ADA
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.
The large transaction volumes might indicate a growing interest from whales, who are likely accumulating ADA in anticipation of future price appreciation. IntoTheBlock reported on May 15 that Cardano whales holding between 100 million and 1 billion ADA added 11% to their balances over the past month to increase their stakes to 6.7% of ADA's total supply. This significant accumulation of ADA can boost market confidence, which might contribute to positive price momentum in the long run.
At the time of writing, ADA was down 0.77% in the last 24 hours to $0.4665, down from highs of $0.491 reached on May 17. In the short term, crypto market participants are keeping a keen eye on ADA's price movement. The cryptocurrency's ability to maintain its current support levels will be crucial in determining whether the recent price rally will continue or if a further correction is on the horizon.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
Peter Brandt Urges to Ignore Peter Schiff's 'Bitcoin Is Dead' Claim, Half Trillion SHIB Moved in 24 Hours, 7,000 ETH Mysteriously Moved to Robinhood: Crypto News Digest by U.Today Peter Brandt Urges to Ignore Peter Schiff's 'Bitcoin Is Dead' Claim, Half Trillion SHIB Moved in 24 Hours, 7,000 ETH Mysteriously Moved to Robinhood: Crypto News Digest by U.TodaySolana Meme Coin Penguiana Hits Softcap As The Presale Raises Over 1500 SOL, Set To Release P2E Game Demo Next MonthPeter Brandt Urges to Ignore Peter Schiff's 'Bitcoin Is Dead' Claim, Half Trillion SHIB Moved in 24 Hours, 7,000 ETH Mysteriously Moved to Robinhood: Crypto News Digest by U.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cardano: 2.5 Billion ADA Face Critical Test at Key LevelADA has witnessed selling pressure since start of week
Read more »
Cardano (ADA) Skyrockets to Epic $13.84 Billion in Whale ActivityCardano (ADA) has seen significant surge in whale activity, with impressive $13.84 billion in large transactions reported over past week
Read more »
25 Billion Cardano (ADA) in 24 Hours: What's Happening?Billions of ADA tokens being transferred, but could it affect price?
Read more »
Cardano founder proposes Bitcoin Cash integration in X pollCardano founder Charles Hoskinson teased a hypothetical integration between Bitcoin Cash and Cardano on X.
Read more »
Cardano (ADA) Skyrockets 26% in Volume - What's Happening?Price of ADA has also increased as it signals potential uptrend
Read more »
Cardano Whales Boosts Holdings by 11% in a Month as ADA Aims for $0.5Crypto Blog
Read more »