Key Insights
- Whales purchased over 200 million ADA in two days, signaling renewed accumulation and potential bullish market sentiment for Cardano.
- Cardano’s Midnight Network NIGHT airdrop and Hydra upgrade boosted on-chain engagement and improved network efficiency for higher transaction throughput.
- Technical indicators show strong buy signals with RSI at 63, suggesting possible upside if $0.8332 resistance is broken.
Cardano Gains Momentum as Whales Accumulate and Network Upgrades Land
Cardano traded at $0.8219 during press time, marking a 1.6% increase over the past day and a 12% rise in the past week. Whale accumulation has intensified, with over 200 million ADA purchased within 48 hours, adding to upward market pressure.
Data shared by analyst Ali Martinez revealed that whales have been adding significant volumes of ADA in a short time frame. Martinez also noted that Cardano’s price movement is echoing a previous market cycle pattern, although at a slower pace. If current momentum continues, the trend could position the asset for a stronger rally.
Ecosystem Developments Boost Activity
On August 5, the Midnight Network launched the NIGHT token airdrop to 30 million wallets across eight blockchains. Half of the supply was reserved for ADA holders. More than 470 million NIGHT tokens have been claimed, showing strong community participation.
Cardano followed this with an August 8 upgrade to its Hydra scaling protocol, aimed at improving transaction speeds and network efficiency. The update is expected to support increased on-chain activity and adoption.
Technical Signals Indicate Potential Breakout
Cardano’s technical indicators remain in a bullish alignment. All major moving averages from the 10-day to the 200-day are showing buy signals. Short-term exponential moving averages are positioned above key support levels, reflecting strong market momentum.
The relative strength index currently sits at 63, leaving room for price growth before reaching overbought territory. Momentum and MACD indicators are also aligned in buy territory.
A sustained break above the $0.8332 resistance could open a path toward $0.88 and potentially $0.92. However, if the price fails to hold above $0.78, a retest of the $0.75 support zone could occur. This area has historically drawn significant buying interest.
Trading volume reached $1.29 billion over the past day, down 3.6%, signaling a slight cooldown in spot activity. Open interest rose 0.42%, while futures volume fell 10.22% to $2.25 billion, indicating that traders are holding positions despite lower turnover.
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