Crypto Trader Is Bullish on ADA After Network Activity Rises

  • According to the trader, the increase in large ADA transactions is a bullish sign.
  • In related news, ADA’s price was able to post a 24-hour gain and trades at $0.4491.

The crypto trader Ali (@ali_charts) tweeted this morning that the amount of large Cardano (ADA) transactions have been on the rise lately. According to the tweet, this increase in large ADA transactions suggests that Cardano’s network activity is heating up as institutional players and whales begin making their moves.

Transaction activity for ADA (Source: IntoTheBlock)

The trader included a snapshot of data from the blockchain tracking firm, IntoTheBlock. The data showed that 4.73k transactions took place in the last 24 hours, which is also the 7-day high for the network’s transaction activity. According to Ali, this is a bullish sign for the Cardano network and its native token, ADA.

At press time, ADA’s price currently stands at $0.4491 following a 2.60% increase over the last 24 hours according to CoinMarketCap. This has added to ADA’s already-positive weekly price performance. As a result, ADA’s price is up more than 15% over the last 7 days at press time.

ADA also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), over the last 24 hours. As a result, ADA’s price is currently 3.68% up against BTC and 3.04% up against ETH.

Trading volume for ADA has dropped slightly over the last 24 hours. At press time, ADA’s total daily trading volume is estimated to be $565,203,706, which is 21.65% lower compared to yesterday’s trading volume.

ADA’s price may also set a new daily high before the end of today’s trading session, given that it is trading very close to its 24-hour high of $0.4489. Meanwhile, the altcoin’s 24-hour low rests at $0.4274 at press time.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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