Cardano Whale Activity Surges, Price Set to Soar?

• Cardano’s whale activity has seen an increase in recent weeks, reaching a six-month high.
• The collective transaction volume of whales is worth over $10 billion at current prices.
• ADA price looks solid above the 100-day simple moving average, but it faces resistance just above $0.35 and support at $0.32.

Cardano Whale Activity

Cardano whale activity has experienced an uptick despite a slight pullback in price, drawing attention from large investors who have increased their activity on the blockchain significantly. Transactions higher than $100,000 reached a six-month high with whales collectively moving around 30 billion ADA which is worth over 10 billion dollars at current prices.

Price Action

The market appears to be entering another bull run, prompting ADA whales to take advantage of price action and drive up transacted volumes on a weekly basis. Generally such large movements are accompanied by positive price trends which may be more likely now that the market is showing positive movement once again.

ADA Price

Despite some sluggish movement over the last week, the price of ADA is still maintaining its position above the 100-day simple moving average which suggests that it could continue on its rally rather than see another decline. This could lead to further demand for the asset driving up its price if successful in clearing the resistance level of $0.5 before running out of momentum.

Resistance & Support Levels

However, there is significant resistance just above $0.35 as well as support resting at $0.32 which means that if there is nothing to hold it up then it could quickly lose value from hereon out and therefore it’s important for cryptocurrency to maintain some form of an uptrend or risk a crash from hereon out .

Conclusion

Overall Cardano’s whale activity has increased significantly in recent weeks despite price pullbacks and with market returning into what looks like another bull run these whales are taking full advantage causing larger transactions than usual accompanying positive price trends and leading ADA closer to clearing its resistance level before running out of momentum and risking further crashes if failed in doing so