Cardano (ADA) Whales Records a 9-Month High Activity, Analysts Forecast a 40% Rally

The Cardano (ADA) network has recorded significant developments in the past year despite posting choppy prices. According to the latest crypto market data, the Cardano ecosystem takes pride in a total value locked (TVL) of approximately $108.74 million. Top DeFi projects on the Cardano blockchain are DEXes including Minswap, WingRiders, SundaeSwap, and MuesliSwap.

As a result, transactions may be emanating from these top DEXes as they facilitate liquidity swaps on Cardano DeFi tokens. With a  market capitalization of approximately $13.95 billion and a daily traded volume of about $390,332,792, the Cardano ecosystem is expected to gain more during the crypto bull market.

As a result, crypto analysts have been forecasting a possible Cardano market reversal with a possible head and shoulder formation in the weekly timeframe. However, the second should be in the formation process as the crypto market enters an anticipated multi-quarter consolidation.

From a technical standpoint, the Cardano (ADA) price could rally to $0.57 soon, as whale accounts increase on-chain activity. 

Cardano ADA Whales Flexes their Muscles

According to on-chain intelligence platform Santiment, if history repeats itself, Cardano’s (ADA) price could spike over 36 percent from current levels. Notably, Santiment has identified a spike in whale activity similar to last May year, which resulted in a price bump of nearly 40 percent in a week.

“Cardano whale numbers have risen in 2023, and large transactions have notably broken out. The last time there were this many $100k+ $ADA transactions was in May, & its price jumped +36% from the beginning of that week until its local top in early June,” Santiment noted.

Notably, Cardano’s (ADA) price has gained approximately 35 percent in the past 30 days to trade around $0.398 today.