Cardano’s rally continues with 5-month high whale transactions

Cardano is attracting impressive interest from major shareholders as it defies market-wide turmoil with a price increase.

As expected, Cardano (ADA) rose to an 18-month high of $0.80 early Wednesday. ADA’s bullish momentum has surfaced as the broader crypto market is witnessing a decline; According to CoinGecko data, the global cryptocurrency market value decreased by 1.2% in the last 24 hours, falling to $3.22 trillion.

Cardano increased by 4.1% in the past day and is trading at $0.79 at the time of writing. Daily trading volume increased by 24% to $2.27 billion.

ADA price, whale and on-chain activity | Source: Santiment

This increase is thanks to the impressive increase in Cardano’s whale activity. Large transactions consisting of at least $100,000 worth of ADA reached 9,824 last week, a five-month high, according to data provided by Santiment.

Moreover, according to Santiment data, Cardano’s total open positions have exceeded the $400 million mark for the first time since the beginning of August. The indicator shows increased interest from derivatives traders.

Despite the price increase, long-term Cardano holders who were seeing positive returns suffered declines. Data from the market intelligence platform shows that the asset’s one-year dormant circulation fell from 69.3 million ADA on November 16 to 30.5 million ADA on Tuesday.

Similarly, weekly on-chain transaction volume profit decreased from 36.4 billion ADA to 29.6 billion ADA in the last two weeks.

This change in investors’ movements indicates that the profit-taking trend has cooled at this point as ADA holders can watch for a further upside development.

However, it is important to remember that increased trading volume, whale transactions and open positions can put Cardano in a highly volatile region. The escalation of the Ukraine-Russia conflict may also increase market volatility.