The Cardano blockchain has been relatively quiet since the beginning of July, alongside an ADA price consolidation. As per on-chain transaction data, Cardano whales have also been relatively quiet since the last week of June. Daily whale inflows have steadied under 5 million ADA since the beginning of the month, save for a recent spike earlier in the week. Particularly, on-chain data from IntoTheBlock indicate a recent 1,218% spike in daily whale inflows, a development that may signal the start of an ADA price uptick.
According to the Large Holders Inflow from IntoTheBlock, the Cardano blockchain witnessed a 1,220% surge in whale inflow. As noted earlier, daily inflows into whale wallets have been on a decline since July 5. However, a surge in activity at the beginning of the week resulted in the number of inflows into whale addresses spiking from 14.51 million ADA on July 8 to 110.82 million ADA on July 9. This increase is more noticeable compared to the 2.83 million ADA recorded on July 7, which represents a 3815.9% increase in daily inflows over two days.
Whale activity doesn’t just affect prices directly; it can also sway overall market sentiment. When some of these big players make moves, it can either boost confidence or spread fear among other whales and retail investors. Recent bearish sentiment saw ADA hit a nine-month low of $0.3211, but it has 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, which has been up by 2.25% in the past 24 hours.
As a result of this short-term price increase, ADA has been driven out of a falling wedge formation on the price chart, which might ultimately result in a 70% surge above the $1 threshold. On the development side, the Cardano blockchain, which was recently accused of being a dead coin, is about to launch an upgrade to its network.
The recent surge in whale activity within the Cardano blockchain has brought about speculations of an impending price uptick for ADA. The movements of large holders and whales can significantly impact market sentiment and price movements, making them key players in the crypto ecosystem. As Cardano prepares for a network upgrade, all eyes will be on how these developments will affect the future of the cryptocurrency.
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