Whale accumulation alongside a spike in on-chain volume tends to suggest that an asset will recover. Will ADA follow this trend?
On-chain volume refers to the total amount of assets via a blockchain network and is not necessarily traded. At press time, ADA’s on-chain transaction volume was 49.69 billion— an incredible rise from 16.18 billion on 3 February.
Whale accumulation alongside a spike in on-chain volume tends to suggest that an asset will recover sooner or later. But ADA had not succumbed to this notion. This was because itsAt the trench of whale accumulation, ADA’s value was $0.39. But at the time of writing, it was $0.29. Well, this drop could be linked to massive profit-taking. Needless to say, ADA had an extended uptick period from March to April and June to July.
Well, to address this, the funding rate comes into play because it can tell when the sentiment is bearish or otherwise. At the time of writing, ADA’s funding rate was 0.006%.
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