Cardano Whale Transaction Volume Spikes – ADA Price Direction Change Likely, Santiment Says
On May 12th, the Santiment analytics team observed an increase in Whale transactions on the Cardano chain, while the price dipped to the $0.40 level. The tweet even specified the times when this rise in transaction volume occurred – between 8 a.m. and 12 p.m.
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Santiment said that whale transaction spikes as such are often followed by ADA price reversal.
currently, the top 7 coin ADA is trading at $0.5301 after recovering to the $0.6 zone from $0.4. At the moment, ADA is 82.72 percent below its historic peak of $3.10 reached on September 2.
This year, on January 18, the coin managed to rise to a high of $1.6.
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BSC whales holding 30.8 million ADA
As covered by Cryptolifedigital earlier this week, some of the largest whales on the BNB Chain are holding almost 30.8 million ADA coins (on BCS) in their portfolios.
The addresses of “whales” contain $886,582 worth of various cryptocurrencies on average.
This proposed that these BSC investors have been accumulating ADA actively as of late.
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
