On-chain data reveals a significant increase in large Cardano (ADA) transactions

According to a recent on-chain data analysis conducted by renowned crypto analyst Ali, there has been a significant increase in large transactions on the Cardano blockchain over the last three months.

This surge in whale activity suggests an increase in institutional interest, which could pave the way for Cardano to reach new price levels.

Ali’s analysis of transaction data reveals a consistent increase in ADA transfers exceeding $100,000 since August. These transactions, which are frequently associated with crypto “whales” holding large amounts of an asset, are regarded as precursors to potential price rallies. Whales wield significant power over market sentiment and liquidity.

The increase in whale transactions corresponds to Cardano’s recent price performance. According to CoinMarketCap, ADA has increased by 23.8% in the last month, with its current price standing at $0.398—a 2% gain in the last 24 hours.

This sustained surge in whale-driven activity suggests that major players are growing more confident in Cardano’s fundamentals and technological roadmap.

Cardano, as the leading proof-of-stake network, is well-positioned to capitalize on the growing institutional adoption of crypto, owing to its energy efficiency and scalability advantages over proof-of-work counterparts such as Bitcoin.

If the trend of increased whale activity continues in the coming weeks, it could propel ADA’s price momentum even further.

Technical analysts will be watching closely to see if Cardano can decisively breach the critical $0.41 resistance level, allowing it to test highs of $0.42 and potentially $0.46 in the near term.

While short-term profit-taking may introduce downside risks, a support level of $0.37 is expected to limit significant losses.

Overall, the data indicates that Cardano is poised to enter new price territory, indicating a positive trajectory in its pursuit of mainstream blockchain adoption. The increased interest from whales is a positive sign for Cardano’s prospects.