Cardano Eyes $10 as Whales Accumulate Millions of ADA
- Cardano whales have accumulated millions of ADA recently, signaling strong demand from large investors.
- Analysts highlight key support levels, suggesting potential upward movement toward $10.
- Derivatives market shows slower activity, but funding rates indicate mild bullish sentiment.
Cardano (ADA) is attracting strong interest from whales, with recent accumulation of ADA suggesting a potential upward trend. Analysts point to key support levels that could pave the way for significant growth, and institutional attention suggests the coming months could be crucial for the cryptocurrency’s future.
At the time of writing, Cardano (ADA) is trading at $0.8430, with a 24-hour trading volume of $2.24 billion and a market capitalization of $30.42 billion. Over the past 24 hours, ADA has fallen slightly by 3.13%.
Whales Accumulate Cardano Rapidly
Nonetheless, recent action indicates huge transactions may be imminent. Crypto analyst Ali Martinez revealed that the whales have aggregated 150 million ADA in the last fourteen days, which indicates strong demand from the larger players.
Cardano Accumulation Signals Bullish Move
At the same time, another crypto analyst, AltGem Hunter, has predicted that ADA will reach $10 in the future. The key levels of interest are $1.16, which may serve as a support level, potentially leading to upward movements toward $2.68, $5, and ultimately $10.
Institutional investors are showing strong interest in Cardano, and the next few months might be historic for ADA. As accumulation develops and clear price targets form, ADA might be laying the foundation for a significant upward move.
Also Read | Cardano (ADA) Rebound Signals Bullish Breakout Potential Toward $10
Cardano Derivatives Market Slows Down
The Cardano derivatives market has been slow, with volume falling 19.64% to $3.81B and open interest decreasing 4.09% to $1.54B. This points to sluggish trading momentum, indicating that fewer new positions are being opened as the market cools.
Meanwhile, the OI Weighted Funding Rate remains at 0.0091%, marginally positive. This signals a mild bullish tilt, as longs are willing to pay shorts, suggesting cautious optimism in the market despite a widespread decline in trading activity.
Also Read | Cardano Futures Volume Surges $6.96 Billion, ADA Eyes Explosive $1 Breakout
