ADA’s Market Cap Surges as Whales Appear: On-Chain Data

The blockchain intelligence firm Santiment highlighted the substantial growth in Cardano’s (ADA) market cap in an X post yesterday. According to the post, the altcoin’s valuation grew more than 9% throughout the past 24 hours, which also took its growth over the past 2 weeks to more than 36%.

📈 #Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months.… pic.twitter.com/IYBBk3ssf4

— Santiment (@santimentfeed) November 2, 2023

Santiment noted that there were a few on-chain metrics for Cardano prior to this rise that suggested this increase would take place in the short term. Most notably, address activity and whale transactions on the Cardano network soared to their highest levels in 3 months.

A deeper analysis of Cardano’s on-chain metrics shows that ADA address activity rose more than 23% over the past 3 weeks. During this same period, ADA whale transactions also increased by more than 32%.

At press time, data from the cryptocurrency market tracking website CoinMarketCap indicated that ADA was able to post a gain over the past 24 hours. What makes this continued increase in the altcoin’s price more impressive is the fact that it took place during a period when the majority of the market suffered losses.

The 24-hour increase in ADA’s price also boosted the cryptocurrency’s weekly performance. Subsequently, the Ethereum-killer was up 11.54% over the past 7 days. Overall, ADA was trading hands at $0.3185 at press time.

Daily chart for ADA/USDT (Source: TradingView)

ADA’s strong movement over the past few weeks enabled it to break through 2 major price barriers and flip them into support as well. The first resistance level that the altcoin surpassed was the $0.2755 mark, which ADA was able to overcome on October 23, 2023. Thereafter, in the following few days, the altcoin claimed a position above the $0.3050 threshold as well.

ADA then attempted a challenge at the subsequent resistance level of $0.3305 in the last 48 hours but was only able to reach a high of $0.3295 during yesterday’s trading session. This failed attempt caused ADA’s price to pull back slightly to trade at its current level.

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