2024-10-14 10:55 |
Whale transactions continue to increase in the Cardano (ADA) ecosystem, signaling confidence and growing interest from the large players.
As a result, ADA is witnessing a change in market sentiment, given that huge transactions with a value of more than $100,000 recently hit a monthly high of 5,070, according to IntoTheBlock data.
Source: IntoTheBlockTherefore, the heightened whale accumulation is a bullish sign for Cardano, thanks to the anticipation of positive developments in the near future.
Furthermore, ADA has been enjoying noticeable fundamentals, given that its development space continues to gain momentum.
For instance, various indicators, such as the relative strength index (RSI), are painting a bullish reversal picture.
According to CoinGecko data, ADA was up by 2.2% in the past 24 hours to hit $0.3533 at the time of writing.
Cardano has shown its growing intention to form a decentralized and scalable ecosystem since it supports smart contracts, a multi-asset ledger, and dApps, which might be increasing buying pressure among whales.
For instance, the Cardano network recently powered the first legally enforceable smart contract on Agrentinian soil, meaning ADA smart contracts have legitimacy in Argentine courts.
This move is welcomed with both hands since it propels crypto adoption based on new use cases.
Furthermore, the ADA smart contracts will play an instrumental role in streamlining procedural undertakings for facilitating commercial transactions.
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