Layer 1 coin Cardano [ADA] has seen a spike in large whale transactions in the past few days, data from Santiment revealed.

According to the on-chain data provider, the daily count of ADA transactions over $100,000 has significantly increased since 3 February.

As of 5 February 1526 ADA transactions worth over $100,000 were completed, marking the highest daily count since 11 May 2022.

An analysis of historical trends in network transactions has indicated that a substantial increase in the number of transactions valued at over $100,000 can foreshadow a subsequent shift in the asset price, either upwards or downwards.