Cardano (ADA), one of the most important smart contract-based blockchain networks, has recently gained significant popularity and seems to be reaping the benefits of this popularity. The total value of locked tokens on the Cardano network has exceeded $177 million, and its impact on price is starting to show. Although ADA has not yet experienced the long-awaited breakthrough, it is signaling towards it and seems to be moving towards the relevant point.
According to on-chain analysis firm Santiment, the usage of the Cardano network is increasing day by day, and significant whale interest seems to be one of the main reasons for this.
Santiment specifically examined 25,294 Cardano wallets holding more than 100,000 ADA. It is observed that the highest whale level since April 2022 has been reached, and it is a known fact that this is actually a positive signal. The increased activity of whales on the Cardano network aligns with analysts’ expectations of an upward trend, and an increase in this activity can be expected soon.
During this process, the ADA price may have experienced a decline, allowing whales to accumulate at the bottom.
According to leading crypto analyst Ali Charts, ADA is giving signals of its pre-2021 rally. The analyst stated that ADA stayed between $0.10 and $0.0028 for 665 days and then rose by 3,000%. He also mentioned that a similar scenario is currently unfolding.
The analyst pointed out that the price has been trapped between $0.46 and $0.24 for 329 days and implied an impending explosion. Previously, the ADA price had risen by 3,000% and even attempted to surpass Ethereum at one point.
The leading cryptocurrency is definitely showing a subdued performance this year, but a similar situation was experienced before 2021, and ADA is currently going through a similar scenario. Network updates of the leading cryptocurrency can also trigger a possible price increase.