Resurgence in Cardano's ADA Value Sparks Whale Interest and Market Uptrend

The surge in the value of Cardano (ADA) over the past month has attracted the attention of large-scale investors, known as whales. The number of ADA whale transactions, valued at over $1 million, has reached its highest level in 2023. On November 9, there were a total of 2192 ADA transactions above $1 million, and the altcoin also recorded its highest daily transaction count in six months for transactions above $100,000. This increase in large-value transfers coincides with a 50% surge in ADA's price. Technical analysis indicators such as the Average Directional Index (ADX), Relative Strength Index (RSI), and Money Flow Index (MFI) all show positive signals for ADA. The coin's Chaikin Money Flow (CMF) is also at its highest level since January, indicating a strong buying pressure in the market. However, caution is advised as these levels often precede a price correction. Additionally, ADA's open interest in the futures market has reached its highest point in the past five months, implying increased participation from market participants.