Cardano Whales Buy 130M ADA as Price Rebounds 4% from Key $0.84 Support
Cardano (ADA) is bouncing back today, trading at $0.88 after bouncing off the $0.84 level earlier in the week.
Quick overview
- Cardano (ADA) is currently trading at $0.88 after recovering from a low of $0.84 earlier this week, driven by whale accumulation.
- Whales holding 10-100 million ADA added 130 million tokens, while smaller investors sold 20 million, indicating a trend of confidence among larger holders.
- On-chain sentiment indicators show positive futures funding rates at 0.0072%, suggesting increased trader optimism and potential for further price rallies.
- Technical indicators are mixed, with the RSI at 56 and MACD showing indecision, but a successful recovery could lead ADA to retest the $1 psychological level.
Cardano (ADA) is bouncing back today, trading at $0.88 after bouncing off the $0.84 level earlier in the week. This comes after large investors, or whales, have been accumulating according to Santiment data.
Whales with 10-100 million ADA added 130 million tokens from Tuesday to Thursday. Smaller whales sold 20 million tokens.
This is a big trend: while some investors sold out during the recent selloff, the biggest holders used the pullback to add to their positions, a sign of long term confidence in ADA.
Derivatives Data Shows Recovery
On-chain sentiment indicators also support the recovery narrative. Coinglass data shows that ADA futures funding rates turned positive today at 0.0072%. This means more traders are betting on a rise, longs are paying shorts.
Historically when ADA’s funding rates turn positive after a dip, it has rallied. It happened on July 6 when ADA surged after the funding rate reversal.
Key signals:
- Funding rate: turned positive at 0.0072%.
- Trader positioning: less bets on down, more on up.
- Historical pattern: rallies follow positive rate shifts.
This suggests speculative momentum could continue to support ADA in the short term.
ADA Price and Key Levels
ADA has been volatile lately. It briefly broke above $1 on August 14 with a 20% move, then retracted 8% earlier this week before stabilizing. Wednesday’s 4% bounce from $0.84 helped restore the bullish momentum.
Technical indicators are cautious:
- RSI is at 56, up from the neutral 50.
- MACD is indecisive, lines are converging, traders are unsure.
If ADA holds the recovery it could retest $1, a big psychological level. If it fails to hold $0.84 it could trigger more selling and stall the rebound.
For now, whale accumulation and improving derivatives sentiment is the foundation for the recovery.
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