The transaction volume for Cardano peaked at 332.08 million on Monday, marking the highest level seen in the past three months. This increase indicates a bullish trend for ADA’s price, supported by the Net Realized Profit/Loss metric. The metric shows that most of the Cardano tokens traded this November were profitable, further cementing the positive market sentiment.
Another notable trend observed from November 2 to early Monday is the significant uptick in whale transactions—trades over $1 million. This suggests that large wallet investors are accumulating Cardano, potentially driving an ADA price rally.
Together, these key factors – rising transaction volume, increased profitable trades, and heightened whale transactions – provide a bullish outlook for Cardano. The accumulation of these factors contributes to ADA’s positive price trend in early November.
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Source: Cryptocurrency - investing.com
