Cardano is witnessing a resurgence of whale interest, as large transactions on the network soar to an average of $13 billion a day over the last seven days.
On-chain data from blockchain surveillance resource IntoTheBlock confirms this trend. IntoTheBlock took to X today to reveal that Cardano has commanded some of the largest daily transaction volumes over the last week, nearly competing with the premier cryptocurrency Bitcoin (BTC).
ADA Sees $13B Daily Average Transaction Volume
According to the disclosure, the volume of ADA transactions worth at least $100,000 has surged to a daily average of $13.84 billion in the past seven days. Further data suggests that this massive volume is a third of Bitcoin’s volume within the same timeframe, and more than 16x the volume of Dogecoin.
Cardano whales are busy, with an average large transaction volume of $13.84B a day in the last 7 days.
For comparison, this is a third of Bitcoin’s current volume, 5x as much as Litecoin’s volume and over 16x that of Dogecoin! pic.twitter.com/xU2XMoEQbM
— IntoTheBlock (@intotheblock) April 29, 2024
Notably, over the past seven days, the highest daily transaction volume amounted to $14.08 billion on April 22, when ADA recovered the $0.51 price threshold amid an impressive 3.48% intraday gain. As Cardano relinquished this price territory to the bears in a 4-day losing streak, large transaction volume saw a sustained decline.
However, despite this drop, the cumulative volume of these transactions remained above $10 billion, with the lowest figure recorded over the past week sitting at $10.32 billion on April 27. Since this low, transaction volume has seen a gradual uptick, with the latest figure amounting to $10.32 billion.
This uptick in large transaction volume for Cardano could indicate increased interest from institutional investors or significant movement within the network, potentially signaling growing confidence in the project. However, it does not provide useful directional signals, as these movements could either represent inflows or outflows from exchanges.
Cardano Targets $0.775 Amid Whale Accumulation
Interestingly, Santiment data reveals that the cumulative balance held by addresses with 100,000 to 100 million ADA has continued to increase since the start of this month. This suggests a growing accumulation trend among large holders, which Cardano could leverage for a recovery push.
Meanwhile, market analyst Cobra Vanguard recently disclosed that ADA has been trading within an expanding channel since the start of this year, recording higher highs while also witnessing lower lows from January till now. The analyst expects this trend to persist, projecting multiple price targets.
The first target rests on the $0.52 price territory, while the second and third price targets are positioned at the $0.57 and $0.62 price. According to the analyst, once Cardano breaches these levels, it would need to conquer the $0.685 level before recording a push above $0.70, with the ultimate target set at $0.775.
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