ADA and FET see increased whale transactions: What’s going on?

ambcrypto.com:

Fetch AI [FET] and Cardano [ADA] have drawn significant attention from whales in recent weeks, as both assets have seen increased transactions.

Read Cardano’s [ADA] Price Prediction 2023-24

There has been a sudden uptick in activity on the “whale transactions” metric on Santiment, defined as those over $100,000. A metric review revealed that there had been scant activity in the months prior but that February has seen a string of increases in whale transactions for Cardano. There have been approximately 634 whale transactions as of this writing.

Source: Santiment

Whale transactions have also been occurring at respectable rates recently on Fetch AI. In contrast to ADA, whose whale transaction counts have been continuous, FET’s chart has been experiencing a few spikes. However, in the instance of FET, the significant surges in whale transactions began in January and have persisted ever since. Three transactions have been completed as of this writing itself.

With the recent spikes in the whale transaction count, has there been an impact on the prices of ADA and FET?

ADA has experienced a fluctuation in its price movement since January when it rose alongside the rest of the cryptocurrency market. Although it had swung, it was still attempting to hold a support level between $0.35 and $0.32. It sold at roughly $0.35, down almost 2% as of this writing.

Source: TradingView

The blue and yellow lines, representing the long and short Moving Averages, respectively, were going above the price movement. Because of their position, they also served as the resistance level at a range between $0.37 and $0.42. Also, it has declined into a bear trend, evidenced by the Relative Strength Index (RSI), which dropped below the neutral line on