Cardano Whale Transaction Volume Soars – ADA Price Direction Change Likely, Santiment Says

Recent report shows that ADA transaction volume fueled by whales has greatly increased as of late

On May 12, Santiment’s analytics team noticed a spike in whale trades on the Cardano chain, while the price dipped to the $0.40 level. The tweet even specified the times when this increase in trading volume occurred – between 8 a.m. and 12 p.m.

Santiment stressed that whale transaction spikes like these are often followed by ADA price reversal.

🐳 #Cardano's whales showed a flurry of transactions yesterday as prices were bottoming out to $0.40, between 8am and 12pm UTC. These spikes have very commonly indicated price direction changes for $ADA, and we're monitoring further whale activity closely. https://t.co/KKnjXVH8no pic.twitter.com/aRTfClg8qQ

— Santiment (@santimentfeed) May 13, 2022

Right now, the top 7 ADA coins are trading at $0.5301 after recovering to the $0.6 area from $0.4. Right now, ADA is 82.72% below its all-time high of $3.10 reached on September 2.

This year, on January 18, the coin managed to rise a high of $1.6.

BSC whales hold 30.8 million ADA

As covered by U.Today earlier this week, some of the biggest whales on the BNB chain hold around 30.8 million ADA coins (on BCS) in their wallets.

The addresses of “whales” contain a $886,582 worth of various cryptocurrencies on average.

This suggests that these BSC investors have been actively accumulating ADA lately.