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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Whale collects 200 million ADA – Is the 1 USD milestone within reach?
At the time of writing, Cardano (ADA) continues to draw attention as the bulls make a strong comeback, helping the price of this altcoin increase by 2.82% in just the past 24 hours.
During that period, both whales and spot investors accumulated a significant amount of ADA. However, data from the perpetual contract market revealed a contrasting trend, indicating a clear divergence from their net buying trend.
This very contrast makes the short-term prospects of ADA a topic worth analyzing thoroughly at this time.
Whales and spot investors are aggressively accumulating ADA
It is not surprising that the focus of the biggest fluctuations in the market belongs to the "whales" – wallets holding between 100 million to 1 billion ADA.
According to data from Santiment, just in the two days of August 9 and 10, this group aggressively accumulated up to 200 million ADA, equivalent to about 166 million USD.
Not stopping there, shortly after, spot buyers continued to add 3.61 million USD ADA, contributing to the surge in optimistic sentiment and price increase expectations in the market.
However, the attention from perpetual traders ( seems to be cooling off. In the past 24 hours, the Long-to-Short ratio has dropped below the 1 mark – indicating that selling pressure is dominating over buying force.
The trading volume also recorded a decrease of 21.49%, down to 2.14 billion USD, equivalent to a reduction of about 459 million USD, clearly reflecting the slowdown in market activity.
![])https://img-cdn.gateio.im/webp-social/moments-cdbc0b01ce5678e411dc0a3948d72a08.webp(Source: CoinglassNevertheless, the overall picture remains quite stable. The funding rate continues to maintain a significant positive level of 0.0108%. This indicates that, although short orders are dominating in number, the majority of the derivative contract volume is still in Long positions – and these traders are still willing to pay the funding rate.
Can ADA break through the "wall" of $0.83?
The ability of ADA to regain the $1 mark will depend on whether this coin can overcome three key resistance levels on the chart – namely at $0.83, $0.88, and $0.93.
![])https://img-cdn.gateio.im/webp-social/moments-fe5aef6a35efc95aac54137024ba66ca.webp(Source: TradingViewAlthough it has been quite some time since ADA approached these price levels, history shows that the last time the price touched the threshold of $0.83, the market immediately witnessed a drop of over 20%.
If buying power at this level continues to be weak, the risk of a deep decline is hard to avoid. Conversely, a decisive breakout above $0.83 could serve as a catalyst for a strong surge, opening up opportunities to get closer to the $1 target.
SN_Nour