Cardano (ADA), the cryptocurrency inspired by the Italian polymath Gerolamo Cardano, has recently witnessed a significant surge in whale transactions exceeding $100,000 in value.
According to data from Santiment, a leading cryptocurrency analytics platform, these transactions have reached their highest level since November 8th, 2023. Such spikes in whale activity historically correlate with potential price reversals, igniting speculation about ADA’s future price trajectory.
#Cardano's whale transactions exceeding $100K in value has exploded to the highest amount since November 8th. These spikes in whale activity historically correlate with potential price reversals. $ADA's market cap has shrunk -43% since March 13th. https://t.co/alFMlZ9Kns pic.twitter.com/pN21IzS0ST
— Santiment (@santimentfeed) April 29, 2024
Also read: Chainlink May Price Prediction: Can LINK Hit $15?
Despite this increased whale activity, Cardano’s market capitalization has experienced a substantial decline of 43% since March 13th, reflecting the broader negative trend in the cryptocurrency market. Now, the question on everyone’s mind is whether Cardano can recover and reach the $0.5 mark in May.
Current Price Action and Market Sentiment
Cardano’s price reached $0.4526 as of press time, with recent data indicating no significant movement in ADA’s value over the past 24 hours. The broader cryptocurrency market has been experiencing a negative trend, which has undoubtedly influenced ADA’s price action.
Various factors, including market conditions, price action, developments, supply, and use cases, will play a crucial role in determining whether ADA experiences a price change in May. Cryptocurrency experts at Changelly analyzed ADA’s performance earlier in 2024 to predict Cardano’s monthly price range.
Also read: Top 3 Low-Risk Cryptocurrencies That Could 3X in 2024
Expert Predictions for May: Will ADA Reach $0.5?
Changelly’s analysis predicts that ADA will trade between $0.421 and $0.496 in May. The experts predict that ADA will trade at an average price of $0.458 throughout the month. However, their analysis also suggests that ADA may struggle to reclaim the $0.5 level by the end of May.
While these predictions provide a glimpse into ADA’s potential price trajectory, it is essential to remember that the cryptocurrency market is highly volatile and subject to rapid changes.
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