297% Spike In Cardano Large Holder Volume Suggests ADA Price Could See Another Uptrend
The Cardano blockchain has seen a surge in transaction activity over the past few weeks, Price data reflects this trend. Cardano price rises past 30 days Its price has doubled during this period, which is impressive. As of this writing, ADA is currently trading at its highest high so far in 2024 after breaking above the March high of $0.77.
Digging deeper into the forces behind this rise, on-chain indicators suggest that strong buying momentum is driving this rise, especially from large ADA holders. Data from blockchain analytics platform IntoTheBlock highlights a significant surge in large transaction volume, which now stands at $22.56 billion. This figure marks a 297% surge in large transaction volume over the past two weeks.
Cardano mass holders surge
Cardano sees surge in activity among big players highlighted According to the “USD large transaction volume” indicator provided by the blockchain analysis platform IntoTheBlock. This metric captures the total value of on-chain transactions exceeding $100,000 in a 24-hour period, providing insights into the behavior of high-net-worth investors and institutional players.
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Interestingly, large transaction volume in USD terms recently reached $28.43 billion on November 16, which is its highest level to date. This number highlights the level of interest and activity in the Cardano blockchain, especially among the large-scale holders who are likely to drive much of the momentum behind the network’s development.
This high level of activity shows no signs of stopping, with the latest figures showing $22.56 billion in large-value trades in the past 24 hours. Starting in November, Cardano’s daily large trading volume hovered at just under $6 billion before rising significantly starting on November 6.
What’s next for ADA pricing?
At the time of writing, ADA price is trading at $0.80, up around 6.5% in the past 24 hours. This price marks ADA maximum price From May 2022. It’s not just large shareholders; retail holders are also participating in this trend. ADA trading volume surged approximately 29% in the past 24 hours, reaching $2.31 billion.
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As far as the current situation is concerned, cardano It is currently outperforming all other large market cap cryptocurrencies over the past 24 hours. On-chain data and key market indicators suggest that this bullish momentum is likely to continue, with the next important price target being a break above the psychological $1 mark.
In addition to the large trading indicators, other indicators such as net network growth and positive momentum in the futures market also point to a very optimistic outlook.
Featured image created using Dall.E, chart from Tradingview.com
