Cardano

bullish

USDS

Spot

Cardano has been seeing an impressive amount of interest from large holders as it defied the market-wide turbulence with a price hike. 
As <a href="https://crypto.news/cardano-could-jump-25-heres-what-to-expect/" target="_blank">expected</a>, Cardano (<a href="https://crypto.news/price/cardano/" target="_blank">ADA</a>) went on a rally to an 18-month high of $0.80 early Wednesday. ADA’s bullish momentum surfaced while the broader crypto market witnessed a decline — the global cryptocurrency market cap fell 1.2% in the past 24 hours to $3.22 trillion, according to CoinGecko <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">data</a>. 
Cardano is up 4.1% over the past day and is trading at $0.79 at the time of writing. Its daily trading volume increased by 24%, reaching $2.27 billion. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/11/Cardano-ADA-12.09.06-20-Nov-2024-1.png" alt="Cardano’s rally continues with 5-month high whale transactions - 26" class="wp-image-14312163">
 <figcaption class="wp-element-caption">
 ADA price, whale and on-chain activity | Source: <a href="https://app.santiment.net/charts/Uy8Lye_Y__sCl" target="_blank" rel="nofollow">Santiment</a>
 </figcaption>
</figure> 
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The surge came thanks to an impressive rise in Cardano’s whale activity. Large transactions consisting of at least $100,000 worth of ADA reached 9,824 last week, marking a five-month high, according to data provided by Santiment. 
Moreover, the <a href="https://crypto.news/cardano-price-suffers-a-harsh-reversal-is-the-rally-over/" target="_blank">Cardano</a> total open interest also broke the $400 million barrier for the first time since early August, per Santiment data. The indicator shows increased interest from derivatives traders. 
Despite the price surge, long-term Cardano holders with positive returns have declined. Data from the market intelligence platform shows that the asset’s one-year dormant circulation dropped from 69.3 million ADA on Nov. 16 to 30.5 million ADA on Tuesday. 
Similarly, the weekly on-chain transaction volume in profit also plunged from 36.4 billion ADA to 29.6 billion ADA over the last two weeks. 
This shift in the investors’ movements suggests that the profit-taking trend has cooled down at this point as <a href="https://crypto.news/cardano-emerges-as-top-gainer-btc-nears-80k-mark/" target="_blank">ADA</a> holders might be eying a further upside. 
However, it’s important to note that the increasing trading volume, whale transactions and open interest could put Cardano in the highly volatile zone. The rise of the <a href="https://crypto.news/how-bitcoin-became-a-lifeboat-asset-amid-ukraine-russia-conflict/" target="_blank">Ukraine-Russia conflict</a> could also add to the market volatility. 
 Read more: <a rel="" href="https://crypto.news/spot-bitcoin-etfs-inflows-surge-220-amid-options-launch/"> Spot Bitcoin ETFs inflows surge 220% amid options launch </a>

Cardano’s rally continues with 5-month high whale transactions

crypto.news

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