Cardano: Post sell-off, what do these on-chain metrics have to say about ADA’s future

ambcrypto.com:

Cardano, one of the most promising ecosystems has witnessed significant developments since its inception. These updates directly or indirectly had affected (aided) the native token, ADA’s price. Likewise, dominant buyers, given such certainty tend to consolidate more coins, sensing a potential rise.

Cardano whales or dominant buyers showcased a flurry of transactions despite the current mood, as per which, the crypto market lost more than $200 billion in a single day. Nonetheless, Santiment, an analytical firm, in a 14 May tweet sighted an interesting bullish behavior. Cardano whales have actively supported the token despite ADA bottoming out to the $0.40 mark.

As per Santiment, this showcased a potential level-up in the price.

“These spikes have very commonly indicated price direction changes for ADA”

Here’s the graphical representation of the same:

Source: Santiment

In addition, the volume attribute showcased an uptick as well. This is the case here as well. Following the active behavior above, there was a lot of activity on the Cardano blockchain too – leading to rising volumes.

Source: Volume

Now a rise in volumes can go both ways, and it is yet to be seen which way the prices begin moving.

On the developmental front, Cardano’s IOHK announced that a new version of the Daedalus wallet, Daedalus 4.10.0 for mainnet. Daedalus 4.10.0 improved the display of unnamed native tokens and added support for the Windows development environment.