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In an interesting move, Cardano (ADA) it was almost full again 4% in the last 24 hours, in what appears to be an uptick in activity among senior ADA executives. The price of ADA started the week at a low and spent most of the week trending down. In particular, the price of ADA fell by about 9.5% to settle at $0.33260. However, the crypto has rebounded and is up about 6% from this low.
This price drop has been accompanied by a large volume of transactions, especially from large owners, also known as whales. According to data from IntoTheBlock (ITB), this transaction volume reached 17.33 billion ADA, which is worth about six billion dollars.
Big Increase in Cardano Whale Activity
Large Transaction Volume Metric from IntoTheBlock tracks commercial transactions valued at $100,000 or more. Interestingly, this metric puts the value of whale transactions at $24.18 billion over the past seven days, which is a significant increase from last week’s reading. The bulk of these transactions were recorded in the past three days, with $6 billion in movement on October 11 and $5.8 billion on October 10.
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The uptick in whale activity appears to be closely linked to ongoing development within the Cardano ecosystem. According to the latest report from Input OutputCardano has remained a major hub for blockchain developers, especially following the latest node upgrades to v.9.2.0 and v.9.2.1. InputOutput data revealed that at the end of September, there were 1,376 active projects built on Cardano, underscoring its popularity among blockchain developers. Additionally, in September, the number of native tokens created increased by 80,000, while the total number of transactions on the network increased by 1.34 million.
Will ADA Price Hit $0.50 Or Go Down Again?
ADA’s price action has been under intense scrutiny in recent weeks, and sentiment among investors has been more negative than usual, especially on social media. The creator of Cardano, Charles Hoskinson, he spoke this idea in the social media X.
Hoskinson clarified that the negative outlook does not indicate any failure on Cardano’s part, stressing that the project continues to grow. He also took the opportunity to criticize other crypto ecosystem initiatives, noting that Cardano is still one of the few coins still committed to being a true decentralized currency, unlike those associated with corporate giants like BlackRock and Wall Street.
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Despite the pessimism, the price of the ADA was able to hold the key support level at $0.33which gives some relief to cheap investors. Additionally, on-chain metrics such as network growth and positive momentum in the futures market suggest a more optimistic outlook. The recent uptick in whaling activity may reflect that the beginning of more sustainability ADA price increase.
At the time of writing, ADA is trading at $0.354. The initial target is a key break above $0.40 before a pullback to $0.50.
The featured image was created with Dall.E, a chart from Tradingview.com
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