The Cardano blockchain has recently seen a surge in whale activity, with a significant increase in the daily inflows into whale wallets. This spike in activity may indicate the start of an ADA price uptick, according to on-chain data from IntoTheBlock. The data shows a 1,218% spike in daily whale inflows, with the number of inflows into whale addresses spiking from 14.51 million ADA on July 8 to 110.82 million ADA on July 9, representing a 3815.9% increase over two days.
Whales, or large holders of ADA tokens, play a significant role in the cryptocurrency market. Not only do they have the power to directly influence prices through their trading activities, but they can also sway overall market sentiment. When whales make moves, it can either boost confidence or spread fear among other whales and retail investors. This dynamic relationship between whale activity and market sentiment can have a significant impact on the price movement of ADA.
Recent bearish sentiment in the market saw ADA hitting a nine-month low of $0.3211. However, the cryptocurrency has since rebounded and is now on the verge of reversing into a positive percentage in a seven-day timeframe. At the time of writing, ADA is trading at $0.3936, up by 2.25% in the past 24 hours. This short-term price increase has driven ADA out of a falling wedge formation on the price chart, potentially paving the way for a 70% surge above the $1 threshold.
Implications for Cardano Blockchain Development
On the development side, the Cardano blockchain has been making significant strides, despite recent accusations of being a “dead coin.” The network is set to launch an upgrade, indicating continued development and innovation. This progress in blockchain development could further contribute to the positive sentiment surrounding ADA and potentially drive up its price in the long run.
The recent surge in whale activity on the Cardano blockchain has raised speculation about a potential ADA price uptick. Whales have the power to influence prices directly and impact market sentiment, making their activity a key indicator of market trends. With ADA showing signs of rebounding and the Cardano blockchain undergoing upgrades, the future looks promising for both the cryptocurrency and its underlying technology.
