Cardano Price Forecast as On-Chain Data Shows Huge Whale Activity – What Do They Know?

cryptonews.com:

Cardano (ADA), the cryptocurrency that powers the smart-contract-enabled Cardano blockchain, was last changing hands around $0.34 per token, up around 4% on the day amid a broader rally in cryptocurrencies, but lifted somewhat by positive news about the Cardano development team delivering a new network upgrade.That means ADA/USD is up around 14% versus its recent sub-$0.30 lows printed at the end of last week amid peak crypto market fears about the impact of a possible US financial crisis.

But ADA is still down around 7.5% versus its recent highs near $0.37 after rejecting a test of its 200-Day Moving Average.While that’s not a good technical sign, on-chain data is more optimistic, particularly as it reveals an uptick in the number of “whales” transacting on the Cardano blockchain.

Specifically, according to a chart shared by @ali_charts, the number of ADA transactions that exceed $100,000 on the Cardano network is on the rise.According to @ali_charts, “this trend indicates institutional investors' and ADA whales' increasing engagement, shedding light on their investment strategies”.Increased whale activity on the Cardano blockchain could be connected to improving trends within Cardano’s Decentralized Finance (DeFi) ecosystem.

Widely followed Cardano influencer @cardano_whale recent shared positive statistics relating to growth in Cardano’s TVL.According to “ADA Whale”, Trade Value Locked (TVL) – i.e.