Santiment’s on-chain data indicates a bullish trend for ADA, emphasizing a surge in transactions involving whales.
The optimistic scenario also suggests a breach of resistance at $0.5410 could lead to further gains, challenging levels above $0.6000.
As Cardano (ADA) endeavors to stage a recovery rally in the aftermath of a substantial market downturn, the cryptocurrency faces a formidable resistance barrier. Analysts at behavior aggregator Santiment suggest that the movement in ADA’s price is potentially influenced by large holders, with on-chain metrics providing insights into this trend.
On Tuesday, January 29, ADA’s price witnessed a nearly 13% increase after finding support around the 100-day Simple Moving Average (SMA) at $0.4648. Santiment’s analysts also point out that the surge is due to shark wallets (addresses holding between 500 and 1000 ADA tokens) and whale wallets (addresses holding over 1000 ADA). At press time, Cardano (ADA) is, however, trading down 3.99% at $0

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