As Bitcoin (BTC) struggles to stabilize after the BTC halving, the wider cryptocurrency market still feels the impact.
Although its price hasn’t performed particularly well in recent days, Cardano (ADA) is seeing a notable increase in whale activity.
According to cryptocurrency tracker Santiment, on April 29, ADA experienced a significant surge in whale transactions, surpassing $100,000.
Specifically, 1,776 transactions of that amount or more have been recorded as the highest count in almost six months.
This uptick in whale activity is historically linked to potential price reversals. It’s especially noteworthy given that ADA’s market cap has plummeted by a staggering 43% since March 13.
Correlation between ADA price and whale transactions. Source: Santiment
Cardano technical analysis
In the medium to long term, Cardano has breached the lower boundary of an ascending trend channel, suggesting either a slower rate of ascent initially or the beginning of a more hor
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