Cardano (ADA) has featured prominently in the ongoing bull market rally, with its price hitting $0.8117, its highest level in more than 52 weeks. While the coin has more prospects for growth, some on-chain trends have spotlighted some emerging trends that might derail growth.
Cardano whales falter
According to data from IntoTheBlock, the Cardano whale transactions have slipped considerably in the past 24 hours. The price dropped by 31.66% during this period, bringing the volume traded to $19.15 billion.
While this figure still marks a significant boom compared to its core rivals, the slip shows a likely breather by whales. It is worth noting that ADA whales are the most important driver of liquidity within the Cardano ecosystem. Over the past year, on-chain data shows a consistently elevated volume for Cardano’s large transactions, even during bad market sentiment.
The Cardano ecosystem is growing in no small way. As of writing time, the coin’s price has soared to $0.7346, up by more than 2% in 24 hours. In the past month, Cardano has experienced more than 109% growth, setting it in the upper echelon of the most profitable coins on the market.
ADA’s next stop
ADA is taking the proper advantage as the market leans on the soaring price of Bitcoin. With its price already bloated based on its valuation in the past few months, a correction is likely moving forward.
The price of Cardano will also benefit from the positive trend within its ecosystem. With Cardano’s Chang hard fork now signaling new possibilities for the coin’s demand, utility-backed growth is expected in the future.
Cardano Founder Charles Hoskinson has also hinted at a potential partnership between Ripple and the XRP ecosystem. While his strategic alignment on crypto X is speculative, the consensus is that Cardano will play a crucial role in the coming U.S. administration.