Cardano (ADA) Traders Are Taking Profits After 220% Rally This Month, Santiment Warns

A prominent crypto analytics firm is warning that on-chain data is indicating that traders are taking profits on their Cardano positions (ADA).

Crypto analytics firm Santiment says traders are cashing out on their Cardano (ADA) positions, and the on-chain data is pointing to two bearish signals.

According to Santiment, ADA traders are booking profits, and the massive upward move has led to $165 million in ADA profits being realized on November 22nd.

“Yesterday was the highest day of trader realized ADA profits in eight months, and the social media discussions are currently at the highest level for the coin in 11 months.”

Santiment has previously highlighted how soaring social media discussions may indicate that an asset is forming a local price top.

At time of writing, ADA is trading for $1.08, down over 4% on the day.

Looking at the broader altcoin market, Santiment says that altcoins will likely continue to see rallies as long as Bitcoin (BTC) trades above an immediate support level.

“While eyes have been on Bitcoin making history, altcoins like XRP, Cardano, Stellar, Hedera, Mantra, and Algorand are growing their respective market caps rapidly. As long as BTC maintains a ~$95,000+ support, expect November profits to continue redistributing to altcoins.”

At time of writing, Bitcoin is trading for $98,197.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix