Cardano’s rally continues with 5-month high whale transactions

ADA price, whale and on-chain activity | Source: Santiment

The surge came thanks to an impressive rise in Cardanos whale activity. Large transactions consisting of at least $100,000 worth of ADA reached 9,824 last week, marking a five-month high, according to data provided by Santiment.

Moreover, the Cardano total open interest also broke the $400 million barrier for the first time since early August, per Santiment data. The indicator shows increased interest from derivatives traders.

Despite the price surge, long-term Cardano holders with positive returns have declined. Data from the market intelligence platform shows that the assets one-year dormant circulation dropped from 69.3 million ADA on Nov. 16 to 30.5 million ADA on Tuesday.

Similarly, the weekly on-chain transaction volume in profit also plunged from 36.4 billion ADA to 29.6 billion ADA over the last two weeks.

This shift in the investors movements suggests that the profit-taking trend has cooled down at this point as ADA holders might be eying a further upside.

However, its important to note that the increasing trading volume, whale transactions and open interest could put Cardano in the highly volatile zone. The rise of the Ukraine-Russia conflict could also add to the market volatility.