Cardano’s Large Transactions Increase Nearly 175% in the Last 24 Hours
According to data from IntoTheBlock, large transactions on Cardano have increased by almost 175% over the past 24 hours. ADA price is continuing its latest rally attempt after falling to a low of $0.74 on February 24.
According to IntoTheBlock, large transactions are those in which the amount transferred exceeds $100,000. The on-chain volume of these transactions gives an idea of the amount of transactions whales and institutional players make in a day.
An increase in large trading volume indicates increased activity among institutional buyers and sellers.
While ADA remains up, a near-term price turnaround could be expected. oversoldIn its latest analysis, on-chain analytics firm Santiment noted that large transactions, or transactions over $100,000, may be necessary to predict long-term price changes. This is because Cardano saw a huge surge in large transactions in May 2021 and September 2021, when it hit an all-time high.
ADA price action
At the time of publication, ADA was trading at $0.83, with an increase of 6.24% over the past 24 hours, according to data from CoinMarketCap. ADA is the eighth largest cryptocurrency by market capitalization and is registering a decrease of 19.77% over the past seven days.
ADA returned to the level of $0.868 on February 25, after a selloff at the level of $0.74 a day earlier. ADA broke below the $1 support level in this recent selloff, an important level it defended mostly in January. If buying activity resumes, no immediate resistance exists at current levels, suggesting that the price could move towards the $1 level.
Positive fundamentals are aligning for ADA as an on-chain analytics firm progeny Noted that Cardano’s “shark address” holds between 10,000 and 100,000 ADA tokens, which is almost half of Cardano’s total supply of 34.12 billion ADA. The ADA balance held by Cardano “holders” also exceeded 10 billion, the highest since December 2019.