• Cardano [ADA]’s native token is experiencing price oscillations, indicative of the overall market trend.
• Whale transactions and volume metrics have seen a recent surge, with the volume reaching a billion on 9 January.
• The surge in price may be attributed to the general market trend, as well as the announcement of a hospital launch planned for summer 2023.
Cardano [ADA] has been experiencing significant price oscillations over the past few months, indicative of the overall market trend and the sentiment around the coin. Recently, the native token of the platform has seen an upswing in price, which may be attributed to several factors.
Whale transactions, which refer to large transactions from a single wallet, have seen an increase in recent weeks. According to data from Santiment, the volume of ADA reached approximately 1 billion on 9 January. This marks the highest volume seen in ADA since November 2022. At the time of writing, the volume was still higher than what was observed in December 2022.
The surge in price and volume may be attributed to the general market trend, which was spurred by the Bitcoin rally. Furthermore, the announcement of a hospital launch planned for summer 2023 may have been another factor contributing to the current upswing of the asset. Charles Hoskinson, the CEO of Cardano, announced the launch via a tweet, thereby generating more interest in the token.
Overall, the current rally of Cardano [ADA] is indicative of the overall market trend. However, the RSI metric indicates that a possible price reversal may be experienced soon. It remains to be seen if the upswing is sustainable and what the long-term price predictions of the asset will be.