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The post Top Whales Stacking Cardano! ADA Price To Surge Might Surge More than 15% Soon appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Cardano price continues the strong push towards the north. The week started with a fresh increase For altcoin that saw a price gain from $0.850, then $0.88 to $0.95, and also the currency broke the resistance of $1.

In the early hours today, the bulls even pumped the price towards $1.244 but currently, the price has slightly dropped. At the time of writing, ADA Price is trading at $1.20 with a decrease of 1.39% in the last 24hrs. 

The currency’s support level lies at $1.15 and a break below this level will pull Cardano towards $1.05. On the flip side, the immediate resistance is positioned at $1.232 and $1.245. If Cardano manages to cross the $1.245 level, the price might climb towards $1.30 and $1.35.

Also Read : Cardano Gains Traction From Institutional Trading, ADA Price Might See Uptrend In Coming Days

Cardano Whale Wallets Surge By 1.7%

As Cardano is showing a positive sign, the network’s whale wallets are also signaling green with an increase of 1.7% in the last eight days as per on-chain data.

Ali Martinez, on-chain and technical analyst, shares the data indicating approximately 42 addresses that hold 1 million to 10 million ADA that was created since March 21, 2022.

In his tweet, Ali Martinez points out that if the value of these holdings are taken into consideration, this is a remarkable increase.

Also, IntoTheBlock, crypto analytics, and intelligence platform agree with Ali Martinez as IntoTheBlock data states that there is an increased institutional demand experienced by the Cardano network. The Whale transactions on the Cardano network have shot up by 50 fold accounting for more than $100k transactions in 2022 alone.

The Cardano Blockchain has witnessed a total transaction volume of $69,09 billion until yesterday, March 29th and 99% of this volume was institutional transactions.

Reason For Whales Flocking Towards Cardano?

There are many key developments that are taking place in the Cardano network and one such development is the launch of Milkomeda, a layer 2 interoperability sidechain of Cardano.

This Milkomeda helps to connect EVM (Ethereum Virtual Machine) compatible tokens with Cardano Blockchain. With the two network updates around the corner, market participants expect Cardano to attract more attention along with ADA to see another breakout.

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