Cardano (ADA) is experiencing a significant surge, with its price up nearly 2.82% in the last 24 hours. This rally is largely driven by large-scale spot market activity, though perpetual traders are showing less confidence.
On-chain data from Santiment shows that large holders, or "whales," have acquired 200 million ADA, valued at approximately $166 million, between August 9 and 10. This strong buying pressure is also reflected in the spot market, where an additional $14.61 million in ADA has flowed in recently.
However, the mood is more mixed in the derivatives market. The long-to-short ratio for perpetual traders has dipped below 1, suggesting that more traders are betting on a price decline. Despite this, the Open Interest Weighted Funding Rate remains positive at 0.0108%, indicating that most open positions are still long. Overall trading volume has also decreased by over 21%, suggesting a period of caution.
For ADA to continue its upward momentum and potentially reach $1, it must first break through three key resistance levels: $0.83, $0.88, and $0.93. The $0.83 level is particularly critical, as ADA has historically struggled to sustain a rally past this point. A successful breakout could pave the way for a major price surge.
August 2025, Cryptoniteuae