As the crypto market gets all fired up with a bunch of coins turning green, Cardano (ADA-USD) is making some serious waves. Whale activity on Cardano has shot through the roof, stirring up talk that ADA might just break the $1 barrier.
Market intel from IntoTheBlock dropped an X post, showing that Cardano whales—those fat cats holding between 100 million and 1 billion ADA—have boosted their stash by 11% in the past month. These big players now control 6.71% of the total ADA supply, signaling some major bullish vibes.
Optimism vs. Reality Check
When whales start snapping up coins, it’s usually a sign that prices are about to pop. Retail investors are also getting in on the action. IntoTheBlock’s data shows a bullish bid-ask volume imbalance and a rise in the in-the-money metric, meaning most ADA holders are in the green over the past few weeks.
IntoTheBlock’s data also shows daily transactions have dropped to about 48,000, down from 96,000 two months ago. Daily active addresses have also slid below 34,000. These numbers raise some eyebrows about the network’s actual usage and adoption, even though the sentiment around ADA’s price potential is positive.
Santiment’s data points to an improved ADA Market Value to Realized Value (MVRV) ratio, a bullish sign. Trading volume is still high, backing the recent price surge. However, Cardano’s velocity took a dip last week, meaning fewer transactions.
If Cardano’s growth leans too heavily on its DeFi sector while other areas like NFTs lag, it might spell trouble down the road. Still, interest in ADA is high. Over the past week, ADA’s price jumped by 8.11%, and the trading velocity also saw a significant boost.
Is Cardano a Buy?
According to TipRanks’ Summary of Technical Indicators, Cardano is a Buy.
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