Cardano Whales Accumulate 100 Million ADA in One Day
Cardano's momentum is increasing as whale wallets accumulate significant amounts. Recently, whales purchased 100 million ADA, raising total holdings to 18.65 billion ADA, suggesting a potential market turning point.
Price Action and Technical Indicators
- ADA is trading at $0.88, showing a 3% increase in the last 24 hours.
- The price has fluctuated between $0.86 and $0.88 recently.
- Despite a 10% decline over the past week, strategic accumulation indicates larger investors are positioning for future gains.
- Historical whale activity often signals renewed interest in Cardano.
- Analyst Javon Marks noted that ADA's current market structure resembles previous cycles, potentially allowing for a rally of up to 740% towards $8 if history repeats.
Cardano Derivatives Market and Institutional Interest
- The derivatives market shows caution but increasing optimism.
- Open interest has dropped by 4%, with an 18% decline in trading volume.
- The funding rate has turned positive at 0.0072%, indicating bullish sentiment.
- Long positions are beginning to outweigh shorts, signaling traders' readiness for potential rallies.
- On August 14, ADA futures volume reached $7 billion, reflecting growing interest from retail and institutional investors.
