Is whale interest in Cardano [ADA] enough to sustain its bull rally?

ambcrypto.com:

Santiment’s report on 21 February revealed that Cardano [ADA] was the recipient of increased interest from whales. This was evident from the whale transaction count, which skyrocketed in February 2023. 

Source: Santiment

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Moreover, Cardano’s developers pushed quite a few upgrades for the network, the latest and most notable one being the Valentine upgrade, which was released on 14 February. 

Interestingly, on 21 February, Input Output Global (IOG) posted a thread on Twitter that was aimed at helping newcomers better understand the Cardano network by simplifying several jargons and technical terms.  

That’s why we’ve put together a selection of key terms from our glossary, so if you’re a newcomer – or if you just need to brush up on vocab – you can navigate #Web3 like a pro@Cardano

— Input Output (@InputOutputHK) February 21, 2023

Apart from these updates, another reason for the surge could be ADA’s recent price action, which has been in the investors’ favor. As per CoinMarketCap, ADA was up by over 10% in the last seven days, and at the time of writing, it was trading at $0.397 with a market capitalization of over $13.7 billion.

However, the price trend seemed to have changed as ADA’s price registered a decline of over 2% in the last 24 hours. 

Despite the recent decline in ADA’s price, it somehow remained in demand in the derivatives market, as its Binance funding rate remained high. ADA’s daily active addresses also registered an increase, which suggested more users in the network. However, ADA’s MVRV Ratio declined, which