On-chain data shows the profit-taking among Cardano investors has spiked to high levels, a sign that the asset may register a decline in the coming days.
Cardano Has Observed High Profit-Taking After The Rally
According to data from the on-chain analytics firm Santiment, AAVE, ADA, and CRV are among the altcoins that have recently observed the most extreme profit-taking.
The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name suggests, tells us about how the profit-taking volume of any cryptocurrency compares with its loss-taking volume.
This indicator works by going through the on-chain history of each sold coin to see what price it was last moved at. If the previous selling price for any coin was more than the current value it’s being moved at, then its sale contributes to the loss volume. Similarly, the sale would count under the profit volume if it were otherwise.
When the value of this metric is positive, it means
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