Cardano mirrors past bull run, analyst eyes explosive move
Cardano traded at $0.8219 at press time, up 1.6% over the past 24 hours and 12% in the last week as whale buying pressure accelerates. Summary Whales accumulated over 200M ADA in 48 hours as analyst...
Cardano traded at $0.8219 at press time, up 1.6% over the past 24 hours and 12% in the last week as whale buying pressure accelerates.
Summary
- Whales accumulated over 200M ADA in 48 hours as analyst Ali Martinez sees early signs of a major rally.
- Cardano’s ecosystem is boosted by the Midnight Network NIGHT airdrop and Hydra protocol upgrade.
- Technicals show strong buy signals with RSI at 63, leaving room for further upside if $0.8332 resistance breaks.
Cardano’s (ADA) 7-day range stands between $0.7134 and $0.8332. Trading volume over the past day hit $1.29 billion, down 3.6%, suggesting a slight cooling of spot activity. While open interest rose 0.42%, CoinGlass’s derivatives data shows that futures volume dropped 10.22% to $2.25 billion. This indicates that traders might be holding onto positions despite lower turnover.
Cardano whale buying and ecosystem catalysts
On Aug. 11, analyst Ali Martinez reported that over 200 million ADA had been purchased by whales within 48 hours. In a separate analysis, Martinez indicated that ADA’s price is mirroring its previous market cycle structure, though unfolding at a slower pace.
According to Martinez, if buying momentum continues, this pattern might position ADA at the “start of an explosive move,” possibly paving the way for a bigger rally. At the same time, the Cardano ecosystem has seen notable developments.
On Aug. 5, the Midnight Network launched the NIGHT token airdrop, targeting 30 million wallets across eight blockchains, with 50% reserved for ADA holders. Over 470 million NIGHT tokens have been redeemed, indicating strong community engagement and potentially deepening long-term holder commitment.
Cardano also released an update to its Hydra scaling protocol on Aug. 8, increasing transaction throughput and network efficiency. This move may boost on-chain adoption and activity.
Cardano technical analysis
The overall trend remains bullish, with all of the major moving averages, from the 10-day to the 200-day, indicating a “Buy.” The short-term EMAs (10–50) have risen above significant support zones, indicating strong market momentum. Oscillators are largely neutral, and the momentum and MACD indicators are in “Buy” territory.
At 63, the relative strength index is in bullish territory but below the 70-point overbought threshold. This allows for additional price growth before a possible correction.
A break above $0.8332 might pave the way for a move toward $0.88 and, if maintained, $0.92. In a bull market, ecosystem catalysts and whale accumulation might amplify the rally. A retest of the $0.75 support, where demand zones have historically drawn sizable buyers, could occur if the price fails to hold above $0.78.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
