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Cardano Whale Signal Historically Correlated With Price Reversals Flashes Green: Santiment

May 01, 2024

A Cardano (ADA) whale metric recently indicated the Ethereum (ETH) competitor could be primed for a price reversal, according to the crypto analytics firm Santiment.

On Monday, Cardano whale transactions exceeding $100,000 in value surged to their highest number since November 8th.

Explains Santiment,

“These spikes in whale activity historically correlate with potential price reversals. ADA’s market cap has shrunk -43% since March 13th.”

ADA is trading at $0.441 at time of writing. The 11th-ranked crypto asset by market cap is down nearly 4% in the past 24 hours, more than 12% in the past week and more than 32% in the past month.

Santiment also notes that crypto trading volume levels recently hit their lowest level since the first week of January, indicating traders are indecisive.

“Bitcoin has seen a trading volume drop of 60-65% since its big week of trading at the end of February. There are many factors that can signal a turnaround, but watch for a spike in volume as a potential turnaround signal for a market-wide rally as we head into May.”

Bitcoin (BTC) is trading at $60,442 at time of writing. The top-ranked crypto asset by market cap is down more than 5% in the past 24 hours, 9% in the past week and more than 15% in the past month.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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