Cardano Sees 1,218% Spike In This Major Metric, Will ADA Price Follow?

Cardano, the blockchain platform, is witnessing a significant surge in a major metric that could potentially impact the price of its native cryptocurrency, ADA. According to data from IntoTheBlock, daily whale inflows into Cardano have spiked by 1,218%, indicating a potential uptick in ADA’s price. This surge in activity follows a period of relative quiet and consolidation for both the Cardano blockchain and ADA price. The Large Holders Inflow metric, which tracks the amount of tokens entering wallets holding at least 0.1% of the circulating supply of ADA, recorded a significant increase in inflows into whale addresses. These addresses saw the number of ADA inflows spike from 14.51 million on July 8 to 110.82 million on July 9, a notable jump compared to the 2.83 million recorded on July 7. The surge in whale activity not only has the potential to directly impact prices but also influences market sentiment, subsequently affecting other whales and retail investors. Although ADA recently experienced bearish sentiment and reached a nine-month low of $0.3211, it has since rebounded, currently trading at $0.3936 with a 2.25% increase in the past 24 hours. This short-term price increase has caused ADA to break out of a falling wedge formation on the price chart, potentially leading to a 70% surge above the $1 mark. Furthermore, Cardano is preparing to launch an upgrade to its network, shedding its previous label of a “dead coin.”