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According to data from analytics site IntoTheBlock, Cardano (ADA) recorded $25.48 billion in large transaction volume, representing a 9.42% increase over the previous day.
This spike in large transactions, often worth more than $100,000, indicates increased activity from whales and institutional players. The surge in large transactions may signal either buying or selling.
In the last 24 hours, this has amounted to a staggering 21.24 billion ADA. Despite the significant increase in large transaction volume, the ADA price remains significantly down, trading in red as the market experiences profit-taking. Several crypto assets, including Cardano, were trading in red.
Cardano (ADA) fell 4.2% in the last 24 hours to $1.15, while the larger crypto market saw $495 million in liquidations during this period.
Cardano price action
Cardano began to decline after reaching a high of $1.23 on Dec. 6, indicating that traders were taking profits. The slide continued for two days in a row and would be the third if today ended in losses.
In today's trading session, Cardano tested support near $1.10. Bulls, if they gain ground, may try to push Cardano above $1.33 again. If they succeed, ADA might reach $1.50.
However, if the price falls below today's low of $1.09, it may indicate that traders are rushing to exit. This might drop ADA to $1, a level likely to attract buyers.
Other Cardano news
The Cardano Foundation X account was recently compromised, and while the scam links posted have been removed, the Cardano community has been warned to be cautious as there is no SEC lawsuit, token burn, or "ADASol" bridge. Also, Cardano Foundation team members will never DM users to request anything.
Cardano experienced a momentous event last week with the signing of the Cardano Constitution.
Last week, digital asset investment products received the highest weekly inflows on record, totaling $3.85 billion, breaking the previous record established only a few weeks ago. Cardano received $5.2 million in fund inflows.