Cardano Price Targets $1 Amid Strong Whale Accumulation
Cardano's cryptocurrency ADA is gaining momentum, targeting a breakout above $0.84, with potential for a rally towards $1. The price strength follows a recent $71 million community grant and increased whale activity.
Key Points
- ADA is forming a base at $0.80, with analysts suggesting a possible explosive move upwards.
- Whales have accumulated over 200 million ADA tokens in the last 48 hours, indicating strong bullish sentiment.
- The broader crypto market is turning positive, influenced by Bitcoin's breakout and potential altcoin gains.
- Derivatives data shows rising open interest (OI) for ADA futures, increasing from $1.20 billion to $1.44 billion, signaling new buying activity.
- Funding rates for ADA have turned positive, reflecting bullish market conditions historically associated with price rallies.
ADA futures open interest | Source: CoinGlass
ADA funding rate | Source: CoinGlass