The bullish wave on the cryptocurrency market, which started at the year’s turn, has subsided for the most part, but the increased activity of Cardano (ADA)’s largest holders in recent days has provided the digital asset with an opportunity for another round of significant price gains.
Indeed, over the past week, Cardano has been witnessing the most whale activity in the last nine months, recording transaction numbers not seen since May 2022, as observed by the cryptocurrency market intelligence platform Santiment on February 7.
On top of that, Cardano has been seeing an increase in the number of whales since the start of 2023, as the addresses holding between 1 million and 100 million ADA grew by 36. Meanwhile, the price of Cardano soared 59% during the same period.
By comparison, similar transaction numbers were recorded by Cardano between May 11 and May 17, which was followed by a 36% price hike from the beginning of that week until its local top in early June, as the on-chain platform noted, indicating such a situation could occur this time around as well.
Cardano’s other positive developments
It is also worth noting that the Cardano ecosystem has been reaching milestones elsewhere, including the continued growth of its network to 5,000 smart contracts as of February 2 since incorporating smart contract functionality in September 2021.
At the same time, the persistent work of its team has positioned Cardano in second place among the leading smart contract crypto projects by staking market capitalization, recording a valuation of $10.4 billion, as well as in terms of GitHub development activity, with 701 events.
Cardano price analysis
As things stand, Cardano is currently changing hands at the price of $0.4, which represents an increase of 2.84% in the last 24 hours, as well as 1.49% across the previous week, adding up to the gain of 35.61% on its monthly chart.
Whether Cardano continues to record price increases will depend on further advancements of its ecosystem, as well as other positive developments related to it, but also on the wider crypto and macroeconomic landscape. Judging by the whale activities, the sentiment seems largely optimistic.
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