Recently, Cardano (ADA) has caught the attention of big investors, known as whales. In a 24-hour span, these wallets, holding between one and ten million ADA, amassed over 20 million tokens. This uptick in demand signals a tighter supply on exchanges and hints at possible upward movement in the price.
Historically, whenever whales start buying, it often leads to significant price rallies. These large holders usually anticipate growth, attracting smaller traders who want to follow the trend. The recent whale activity suggests a renewed belief in ADA’s potential for a breakout.
Currently, ADA is trading around the $0.93 mark, a critical level known as the 0.618 Fibonacci retracement zone. If ADA can break through this resistance, it could reach about $1.02—and potentially climb to $1.17 after that. Technical indicators, like the Parabolic SAR, show that momentum favors buyers, but there’s a challenge. Bulls need enough demand to push through this stubborn barrier, or there might be a price correction.
Data from Binance reveals that traders are feeling optimistic. Long positions dominate with over 72% of total open positions. This strong bias indicates traders believe ADA can continue its upward trend. However, high leverage also brings the risk of sharp price swings if there’s a shift.
Moreover, the market is buzzing with a 3.67% increase in Open Interest (OI), reaching $1.92 billion. Rising OI typically suggests fresh investments in futures markets, reinforcing traders’ confidence in ADA’s trajectory. This combination of whale demand, soaring long positions, and increasing Open Interest creates a bullish vibe for ADA.
In summary, Cardano appears to be building an optimistic foundation. If ADA can break through $0.93, the path to further gains looks promising. With whales accumulating tokens and traders showing confidence, ADA might be on the verge of a significant rally.
For a detailed look at trading trends, check out more statistics at CoinGlass.
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