- ADA is being accumulated in the millions by sharks and whales, according to Santiment.
- Additionally, ADA’s on-chain transaction volume has been rising over the past 6 months.
- From a technical perspective, ADA’s price had lost the support of the $0.3007 mark over the past week.
Cardano (ADA) whales holding 100K-10 million ADA have accumulated back to their highest level since September of 2022, according to a Twitter post shared earlier today by the on-chain analytics platform Santiment. These whales have accumulated $116.1 million more in ADA since 21 May 2023.
Additionally, Santiment’s data also indicated that ADA’s on-chain transaction volume has been rising over the past 6 months. There have also been back-to-back weeks with more than 67 billion in ADA transaction volume, which is the highest it has been since September of 2021.
Over the past 24 hours, ADA saw its price increase by 0.40%, which left the Ethereum-killer trading hands at $0.2921 at press time. This allowed ADA to strengthen against the cryptocurrency market leader, Bitcoin (BTC), by about 0.47% as well.
ADA’s price rise was accompanied by an increase in its 24-hour trading volume. At press time, the altcoin’s intraday volume stood at $266,812,663 after a 60+% increase since yesterday. However, ADA still has some work to do to get its 7-day performance back in the green as it was down by 4+% for the week.
From a technical perspective, ADA’s price had lost the support of the $0.3007 mark over the past week, and continued to trade below this level at press time. If the altcoin experiences continued sell pressure in the upcoming 7 days then it may test the next key support level at $0.2769 as well. The cryptocurrency will then be at risk of dropping towards $0.2506.
On the other hand, if ADA’s price is able to close a daily candle above the 20-day and 50-day EMA lines at around $0.3060, then the bearish thesis will be invalidated. In this scenario, the altcoin’s price may look to challenge the major resistance level at $0.3524 in the days following the daily close above the 2 EMA lines.
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