Cardano Experiences Soaring Whale Activity as Transaction Volume Surpasses $6 Billion

Cardano (ADA) continues attracting significant crypto attention thanks to heightened whale activity.

Leading on-chain metrics provider IntoTheBlock recently acknowledged that ADA’s transaction volume hit the $6.08 billion mark, a spike that depicts soaring interest from institutional investors and whales.

Based on a booming development space, the 11th-largest cryptocurrency based on market value recently scooped the price of being the altcoin with top-notch technology, as evidenced by a study by leading research company Weiss.

According to the poll, Cardano outperformed other altcoins with a score of 76%, compared to 8.2% and 6.6% for Solana (SOL) and Ethereum (ETH), respectively.

Cardano founder Charles Hoskinson recently acknowledged that ADA would experience top speed, faster than Solana, once the Leios Upgrade was rolled out.

Cardano’s technological innovation is showcased by its use of a distinctive proof-of-stake (PoS) mechanism called Ouroboros, which verifies transactions by splitting chains into epochs.

Innovative solutions in the ADA ecosystem are also generated through intensive research and peer review led by top academics. 

Is ADA Eyeing a Trend Reversal?

As Cardano continues to attract investor interest, questions are being raised about whether ADA is gearing towards exiting a reversal based on the falling wedge pattern in place.

The DApp Analyst, a top market researcher, revealed that Cardano might be on its way to the $0.7 price level thanks to the presence of a falling wedge on its weekly chart.

Source: The DApp Analyst

A falling wedge is a chart formation that depicts the progression of an upward movement, which is bullish.

According to CoinGecko data, ADA was up 9% in the past two weeks to hit $0.35 at the time of writing.