The latest Santiment reports point to increased whale transactions for an altcoin as the cryptocurrency market rolls over the effects of the LUNA and UST collapse.
Santiment says altcoin whales are moving, “upside moves can be expected”
Santiment analysts spotted a marked spike in Cardano (ADA) whale trading on May 12, when the price dropped below $0.40. According to the tweet, this increase in trading volume occurred between 8 am and 12 pm on May 13. According to Santiment analysts, whale trading fluctuations are usually followed by a rise in the ADA price. The tweet says:
Cardano whales showed a flurry of trading yesterday as prices dropped to $0.40 between 8am and 12pm. These spikes indicate very common price direction changes for ADA, and we are watching more whale activity closely.
After ADA price returns from $0.4 to $0.6 region, the following It is currently trading at $0.5087. It is trading 83.58% below the $3.10 ATH price set on Sept. 2. The most recent upside action ended with a local top of $1.6 on Jan. 18. From this date to May, the ADA price continues its downward trend, but there is an increasing appetite among whales…
BSC whales hold 30.8 million ADA
As we have mentioned in the cryptokoin.com analysis, BNB Chain some of their whales have increased their ADA accumulation to approximately 30.8 million ADA. On average, “whales” have $886,582 in multiple cryptocurrencies. As a result, it can be said that the big wallets are aggressively buying ADA later in the day.
What do aftermarket, on-chain metrics say about the future of ADA?
Cardano has witnessed significant developments since its inception. Recent updates directly or indirectly affect the ADA price. In the Santiment tweet above, we mentioned that whales are aggressively buying ADA in the $0.40 region. However, the volume feature is also increasing.
Following the above active behavior, Cardano Blockchain is seeing a lot of activity and increased volume as a result. The increase in volume could trigger moves in both directions, but for now it remains to be seen in which direction it starts to move.
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