Whale activity has remained suppressed despite price surging, this trend is positive for Cardano
Cardano (ADA) has caught a bullish wave in price performance and appears to be on the cusp of rewarding interest holders. Data from Santiment indicates that the price of ADA is currently up more than 20% in the past ten days.
Cardano is ready to gain more benefits from this metric
Cryptocurrency market behavior analysis platform data has shown that ADA is likely to sustain an increase based on its Cardano Whale Transactions (ADA) index.
According to Santiment, this data shows that whales’ profit-making activities are being held back in the market. Transactions above $100,000 in ADA value have cooled significantly compared to other times.
The last time the index flared up to selling from whales was earlier this month and was followed by a bearish correction by ADA. Based on this, Santiment noted that spike whales have consistently signaled a price reversal.
The current state of affairs is a promising signal for ADA market performance, especially after the ADA price surged 26% every week, Santiment also commented.
Meanwhile, ADA continues to gain momentum. The crypto asset is now up 12.95% in seven days, trading at around $1.20. With the price growth, Cardano (ADA) currently ranks as the 7th largest cryptocurrency by market valuation, surpassing Terra (LUNA).
ADA’s impressive price action is coming after months of sluggish trading activity. Data from CryptoRank shows that this is the first month that ADA will likely close on an upward trajectory since August 2021. While the price of ADA closed January and February down -19.7% and February respectively. -9.05%, current market is +17.4%. blue when March is coming to an end.
ADA/USD 4-hour chart | Source: TradingView
The Cardano ecosystem has no shortage of bullish events this month. One major event noted as a code migration is the launch of the Minswap DEX mainnet. Minswap’s TVL has grown by 81.92% in just seven days, reaching over $184.3 million. AMM DEX has overtaken the previously dominant protocol, SundaeSwap.
Add to that the numerous announcements that have fueled market euphoria, including the launch of new funds with the largest share of ADA among various holdings; and integrated support for Trezor Suite’s Cardano native assets.
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