Cardano, one of the largest competitors of the Ethereum network and a Layer 1 blockchain network, suffered a pullback after posting 12% weekly gains.
Cardano price declined nearly 2% on the day, as whales engage in likely profit taking. Whale transactions valued at $1 million and higher increased between November 2 and 4. ADA holders remain optimistic on Cardano price recovery, sentiment among traders remains positive. There are two bullish catalysts that are likely to fuel a recovery in ADA price, first is the Cardano Summit where protocols on the ADA chain compete, and second is partner chains.
This makes it a significant development in on-chain activity. Typically, higher count of whale transactions are bullish or bearish depending on the price trend of the asset. A total of 3,213 whale transactions exceeding $1 million were accompanied by a price decline in ADA. ADA whale transaction count vs price ADA price noted a 2% correction in the past 24 hours, this implies whales are likely engaging in profit taking and further volatility is likely.
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