Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin pack and approaching its 8-month high.
Its ADA-to-BTC ratio is also climbing to levels not seen in months, underscoring the token’s recent strength.
📈 Cardano is decoupled from the altcoin pack, nearly matching its 8-month high. Its price ratio against Bitcoin is also nearing an 8-month high. The last time we saw this level of ADA transaction and whale volume was in June, just prior to a +26% burst in the ADA/BTC pairing. pic.twitter.com/8EmEAySWaq
— Santiment (@santimentfeed) November 20, 2024
The rally, which kicked off on November 5th, has brought a surge in transaction volumes and significant whale activity, though it has also coincided with a notable decline in the number of Cardano addresses.
Cardano holders sold into $ADA's recent rally, with the total number of Cardano addresses decreasing by 30k since the start of Cardano's move on Nov 5th. pic.twitter.com/U5qBJL1Th7
— IntoTheBlock (@intotheblock) November 19, 2024
Since the start of this upward trend, approximately 30,000 $ADA-holding addresses have disappeared, likely reflecting retail investors cashing out amid the price surge.
Despite this, large-scale activity paints a more optimistic picture. Over the last two weeks, the volume of large $ADA transactions has skyrocketed by 297%, reaching an impressive $22.56 billion.
The volume of large #Cardano $ADA transactions has increased by 297% in the past two weeks, reaching $22.56 billion today! pic.twitter.com/5DFzrnzV1U
— Ali (@ali_charts) November 19, 2024
Top Wallets Holding $ADA Increase Holdings
Meanwhile, whales have been actively accumulating. Wallets holding more than $10 million worth of $ADA have increased their holdings by 145.72% in the past month, indicating strong confidence in Cardano’s long-term potential. This level of transaction and whale activity was last seen in June, just before a 26% rise in the ADA-to-BTC pair.
#Cardano whales have been actively accumulating $ADA over the past month, with holders of over $10 million in #ADA increasing their positions by 145.72%! pic.twitter.com/a7v39zktuJ
— Ali (@ali_charts) November 20, 2024
Cardano’s ability to sustain its rally while attracting high-value holders solidifies its position as a key player in the cryptocurrency market. While some smaller investors appear to be taking profits, the aggressive accumulation by whales suggests an underlying bullish sentiment.
As the rally progresses, the question remains whether Cardano can maintain its upward momentum. For now, $ADA stands out for its resilience and potential to outperform other altcoins, fueled by both growing whale activity and the promise of future gains.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Image Source: solarseven/123RF // Image Effects by Colorcinch
