- According to Santiment, whale activity has remained suppressed despite ADA surging.
- Santiment notes that this trend is positive for ADA.
Cardano (ADA) has caught a bullish wave in price performance and appears to be on the cusp of rewarding forbearing holders. Trading data from Santiment designates that the price of ADA is currently up over 20% in the last 10 days.
ADA poised for more upside according to this metric
The crypto market behavior analysis platform’s data has indicated that ADA is likely to sustain the surge for some time judging by its Cardano (ADA) Whale Transaction Count metric.
According to Santiment, the metric reveals that there is currently suppressed whale profit-taking activity in the market. Transactions that exceed $100,000 worth of ADA have cooled off significantly compared to other times.
The last time the metric flashed selling activity from whales was earlier this month, and it was followed by a downward correction in the price of ADA. Based on this, Santiment noted that whale spikes have been consistently signaling price reversals.
The current status is a promising signal for ADA’s market performance especially as it has been on the back of a 26% weekly surge in the price of ADA, Santiment also remarked.
Meanwhile, ADA has continued to gain even more momentum. The crypto asset is currently up 12.95% in seven days, trading at around $1.20. With the price growth, Cardano (ADA) is now ranked as the 7th biggest cryptocurrency by market valuation, transcending Terra (LUNA).
ADAUSD Chart by TradingView
ADA’s impressive price performance is coming after months of sluggish trading activity. Data from CryptoRank shows that this is the first month that ADA is likely to close in an upward trajectory since August 2021. While the price of ADA closed January and February -19.7% and -9.05% down respectively, the market is currently +17.4% in the green as March draws to a close.
What has been driving the recent surge?
The Cardano ecosystem has not lacked bullish events this month. One major occurrence that has been noted to be moving the ticker was the mainnet debut of Minswap DEX.
Minswap’s TVL has increased 81.92% in just 7 days, now sitting at over $184.3 million. The AMM DEX has overtaken the previous dominant protocol, SundaeSwap.
Added to this have been multiple announcements that have driven market euphoria including the launch of new funds that have ADA comprising the biggest share of various firm’s holdings; and the integration of support for Cardano native assets by Trezor Suite.