Cardano (ADA) price gained 4% to surge above $0.37 as Whales made a flurry of large acquisitions on Monday. On-chain data shows that there could be room for more bullish activity in the coming days. Is the recent surge or bull trap, or will it validate the $0.40 ADA price prediction? 

Cardano (ADA) has emerged as one of the top-performing Layer-1 coins this week. Notably, Cardano whales were spotted performing record numbers of transactions on Monday. Will the ADA accumulation frenzy continue with most holders still in a net-loss position? 

Cardano Whales Spotted Buying the Dip

On Monday, Cardano (ADA) where was spotted conducting an unusually high number of transactions. The chart below shows how the number of Large Transactions involving ADA soared to 12,360 transactions on May 22. 

This represents a 146% rise from the recent low of 5,020 whale transactions recorded on May 13. 

Large Transactions measures the daily number of transactions that exceed $100,000. Notably, the last time Cardano attracted this whale activity was in May 2021. 

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Author: Ibrahim Ajibade

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