Cardano (ADA) has experienced a notable rebound, with its price increasing by almost 4% following an uptick in activity among large ADA holders, known as whales. This comes after ADA's price saw a 9.5% decline to a low of $0.33260 before rebounding by about 6%.
The rebound was marked by significant transaction volume from whales, with data from IntoTheBlock indicating transactions of 17.33 billion ADA, valued at approximately $6 billion. The whale transactions in the past seven days were valued at $24.18 billion.
This increased activity among Cardano whales aligns with ongoing developments within the Cardano ecosystem, including node upgrades to v.9.2.0 and v.9.2.1. There are now 1,376 active projects built on Cardano, demonstrating its importance to blockchain developers.
Despite some negative investor sentiment, Cardano's creator Charles Hoskinson emphasized the project's ongoing growth and criticized other crypto ecosystems for aligning with corporate entities. Hoskinson maintains that Cardano is committed to true decentralization.
While recent pessimism exists, ADA has maintained a key support level at $0.33, providing some confidence to bullish investors. On-chain metrics indicate positive signs, such as net network growth and momentum in the futures market, hinting at a potentially promising future for ADA's price.
