A prominent cryptocurrency analytics firm has warned that on-chain data is showing traders profiting from Cardano positions (ADA).
Santiment said social media platform X ADA is sending two bearish signals after rallying more than 220% this month.
The massive upward move allowed traders to offload $165 million worth of ADA profits on November 22, according to the analytics firm.
“(November 22) was the highest day for traders to realize ADA profits in eight months, and social media discussion is currently at its highest level in 11 months.”
Santiment previously said surging social media discussions suggest the asset could be forming a local price peak.
As of this writing, ADA is trading at $1.08, down more than 4% on the day.
Looking at the broader altcoin market, Santiment said that as long as Bitcoin (BTC) trades above its immediate support levels, altcoins will continue to see gains.
“While we focus on Bitcoin’s history, altcoins such as XRP, Cardano, Stellar, Hedera, Mantra, and Algorand are rapidly growing their respective market capitalizations. As long as BTC maintains support above ~$95,000, we expect November gains to continue to be redistributed to altcoins.”
As of this writing, Bitcoin is trading at $98,197.
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