While the decline in altcoins reached double digits during the last correction in the cryptocurrency market, the popular altcoin Cardano (ADA) also received its share from this correction.
At this point, while ADA has decreased by 11% in the last 7 days, a bullish signal for ADA came from the on-chain data provider Santiment.
Cardano transactions worth more than $100,000 rose to their highest level since November 8, according to data from Santiment.
Stating that this sudden increase in whale transactions is positive for the price, Santiment argued that whale mobility has historically been associated with potential price returns.
“Whale transactions worth over $100,000 on Cardano reached the highest amount since November 8.
These spikes in whale activity have historically been associated with potential price reversals.
Additionally, ADA's market cap has decreased by -43% since March 13. “
🐳💥 #Cardano's whale transactions exceeding $100K in value has exploded to the highest amount since November 8th. These spikes in whale activity historically correlate with potential price reversals. $ADA's market cap has shrunk -43% since March 13th. https://t.co/alFMlZ9Kns pic.twitter.com/pN21IzS0ST
— Santiment (@santimentfeed) April 29, 2024
Cardano Price Movement!
Analysts evaluating ADA's price performance stated that in recent weeks, ADA lost its critical support at the $ 0.50 level and fell to an important level of $ 0.45. At this point, analysts warned that declines could potentially continue if the ADA price falls below the current $0.45 level.
However, analysts think that if ADA can successfully break through the critical level of $0.50, this breakthrough could trigger a significant rally and the price could rise to $0.56.
*This is not investment advice.
