Cardano is currently experiencing a rise in whales, with large transactions on the network surging to a daily average of $13 billion over the past seven days.
On-chain data from blockchain monitoring resource IntoTheBlock confirms the trend. IntoTheBlock revealed today that Cardano has become one of the cryptocurrencies with the highest daily trading volume over the past week, almost rivaling Bitcoin (BTC).
ADA’s average daily trading volume reaches $13 billion
According to the disclosure, ADA trading volume worth at least $100,000 surged to a daily average of $13.84 billion over the past seven days. Further data shows that this large trading volume is one-third of Bitcoin's trading volume in the same time frame and more than 16 times Dogecoin's trading volume.
It is worth noting that in the past seven days, the highest daily trading volume occurred on April 22, reaching $14.08 billion, the same day ADA managed to recover the $0.51 price level with an intraday growth of 3.48%. However, Cardano lost this price level during its four-day losing streak, with large transaction volumes also continuing to decline.
However, despite the decline, the cumulative volume of these transactions still exceeded $10 billion, with the lowest figure in the past week being $10.32 billion on April 27. Since this low point, trading volumes have gradually recovered, with the latest figure standing at $10.32 billion.
An increase in Cardano’s block volume could mean an increase in institutional investors or significant changes within the network that could signal growing confidence in the project. However, this does not provide useful directional signals, as these movements could represent inflows or outflows from the exchange.
Cardano targets $0.775 amid whale aggregation
Interestingly, market analyst Cobra Vanguard recently revealed that the cumulative balance of addresses holding between 100,000 and 100 million ADA has been increasing since the beginning of this month. This suggests that there is a continued accumulation trend among large holders, which Cardano can capitalize on to fuel a recovery.
Meanwhile, market analyst Cobra Vanguard recently revealed that Cardano has been trading within a widening channel since the beginning of the year, continuously making higher highs while also witnessing lower lows from January till date. The analyst expects this trend to continue and has proposed multiple price targets.
The first target is located at the $0.52 price level, while the second and third price targets are located at $0.57 and $0.62 respectively. According to the analyst, once Cardano breaks through these levels, it will need to conquer the $0.685 level before moving past $0.70, with the ultimate target set at $0.775.
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