Cardano, one of the largest competitors of the Ethereum network and a Layer-1 blockchain token is set to extend its gains this week.
Cardano has noted a spike in daily active address activity and trade volume of ADA tokens, in the past month. The count of whale transactions valued at $1 million or higher increased considerably between November 3 and 6. Cardano retail traders continue accumulating the asset as price prints nearly 20% weekly gains. The altcoin’s price climbed nearly 20% on Binance in the first week of November and on-chain metrics of the asset point at a bullish scenario.
Whale transaction count The count of whale transactions valued at higher than $1 million is indicative of the movements made by large wallet investors holding Cardano. Typically, whale activity is bullish during a downtrend in the asset’s price. In Cardano’s case, whale transactions valued at $1 million or higher, exceeded 6,700 between November 2 and early on Monday, alongside an uptrend in ADA price. In conclusion, whales are likely accumulating Cardano, supporting ADA price rally.
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