- Cardano (ADA) surged 52% in a week and 123% in 30 days, nearing an 8-month high.
- Whales increased holdings by 145.72%, driving strong market confidence.
- ADA broke resistance at $0.76, now support, with bullish indicators despite overbought RSI.
Cardano (ADA) has been on a remarkable upward trajectory, signaling robust bullish momentum and renewed investor confidence. Over the past week, ADA has surged by nearly 52%, while its performance in the last 30 days shows an impressive 123% increase. This resurgence has positioned Cardano as a standout in the altcoin market.
Santiment data reveals that Cardano is carving its own path, decoupling from the broader altcoin pack. The token is closing in on an 8-month high, both in price and in its ratio against Bitcoin. Whale activity and transaction volume have reached levels not seen since June, when ADA experienced a 26% rally against Bitcoin. This renewed activity suggests a potential breakout in the ADA/BTC pairing, reminiscent of past bullish cycles.
At the time of writing, ADA is trading at $0.814405 with a 24-hour trading volume of $3.95 billion, giving it a market cap of $28.53 billion and a market dominance of 0.91%. In just the last 24 hours, ADA has climbed another 7.85%, reinforcing its bullish narrative.
Whale Accumulation Powers ADA Surge
Cardano whales have been busy. According to on-chain data, holders with $10 million or more in ADA have increased their positions by 145.72% over the past month. This accumulation by influential market participants highlights growing optimism about Cardano’s future prospects.
Cardano (ADA) Technical Analysis Points to Further Gains
From a technical perspective, ADA has broken out of its medium-term downtrend, signaling strength. The moving average indicator has turned positive, often a precursor to continued upward momentum. Importantly, ADA breached a resistance level at $0.76, which now acts as a support zone. This breakout suggests a further rise, with the volume balance indicating strong demand in the short term.
The Relative Strength Index (RSI) is above 70, reflecting strong momentum. While this signals optimism, it also suggests that ADA may be overbought, raising the possibility of a short-term correction. However, the overall sentiment remains bullish as buyers continue to push the price higher.
Cardano’s price surge is a testament to its resilience and growing investor interest. With whale accumulation, rising transaction volumes, and technical indicators aligning, ADA seems poised for further upside. While short-term volatility cannot be ruled out, the broader trend points to continued growth, making Cardano a token to watch closely in the coming weeks.
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