Top Whales Stacking Cardano! ADA Price To Surge Might Surge More than 15% Soon

Cardano price continues the strong push towards the north. The week started with a fresh increase For altcoin that saw a price gain from $0.850, then $0.88 to $0.95, and also the currency broke the resistance of $1.

In the early hours today, the bulls even pumped the price towards $1.244 but currently, the price has slightly dropped. At the time of writing, ADA Price is trading at $1.20 with a decrease of 1.39% in the last 24hrs. 

The currency’s support level lies at $1.15 and a break below this level will pull Cardano towards $1.05. On the flip side, the immediate resistance is positioned at $1.232 and $1.245. If Cardano manages to cross the $1.245 level, the price might climb towards $1.30 and $1.35.

Cardano Whale Wallets Surge By 1.7%

As Cardano is showing a positive sign, the network’s whale wallets are also signaling green with an increase of 1.7% in the last eight days as per on-chain data.

Ali Martinez, on-chain and technical analyst, shares the data indicating approximately 42 addresses that hold 1 million to 10 million ADA that was created since March 21, 2022.

In his tweet, Ali Martinez points out that if the value of these holdings are taken into consideration, this is a remarkable increase.

The number of whales on the #Cardano network has increased by 1.7%. Roughly 42 addresses holding 1,000,000 to 10,000,000 $ADA were created since Mar. 21.

The uptick may seem insignificant at first glance, but these whales hold between $1.2 million and $12 million in #ADA. pic.twitter.com/ELUsppKhCl

— Ali Martinez (@ali_charts) March 29, 2022

Also, IntoTheBlock, crypto analytics, and intelligence platform agree with Ali Martinez as IntoTheBlock data states that there is an increased institutional demand experienced by the Cardano network. The Whale transactions on the Cardano network have shot up by 50 fold accounting for more than $100k transactions in 2022 alone.

The Cardano Blockchain has witnessed a total transaction volume of $69,09 billion until yesterday, March 29th and 99% of this volume was institutional transactions.

@Cardano is experiencing increasing institutional demand

The volume of on-chain transactions >$100k has increased by 50x just in 2022

Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV

— IntoTheBlock (@intotheblock) March 29, 2022

Reason For Whales Flocking Towards Cardano?

There are many key developments that are taking place in the Cardano network and one such development is the launch of Milkomeda, a layer 2 interoperability sidechain of Cardano.

This Milkomeda helps to connect EVM (Ethereum Virtual Machine) compatible tokens with Cardano Blockchain. With the two network updates around the corner, market participants expect Cardano to attract more attention along with ADA to see another breakout.

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Original Source : coinpedia.org

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