- Cardano (ADA) is gaining bullish momentum as whale accumulation and positive on-chain metrics push its price toward the $0.80 mark.
- Strong technical indicators and rising trader confidence suggest further upside, provided ADA stays above key support levels.
Cardano (ADA) is making waves in the crypto market once again. On Wednesday, ADA extended its bullish momentum, trading around $0.69 after posting a 9% rally the previous day. Backed by strong on-chain data and rising market optimism, ADA is setting its sights on the key $0.80 mark.
Whale activity has played a major role in this upward drive. According to Santiment, large wallet holders have aggressively accumulated ADA during recent dips. Wallets holding between 100,000 to 100 million ADA have collectively added hundreds of millions of tokens to their portfolios, showing growing confidence in the asset’s future trajectory.
On-Chain Data and Technicals Paint a Bullish Picture
The Supply Distribution chart by Santiment reveals whale addresses increased their holdings significantly between April 14 and Wednesday, hinting at strategic accumulation during the dip. This behavior is a strong bullish signal, often preceding price surges.
Adding fuel to the fire, Coinglass data shows ADA’s long-to-short ratio has climbed to 1.06—the highest level in over a month. This indicates that more traders are betting on ADA’s price to rise, underscoring the market’s bullish tilt.
Meanwhile, the OI-Weighted Funding Rate for Cardano flipped positive on Monday, now sitting at 0.0096%. This shift shows that traders betting on higher prices (longs) are willing to pay shorts—an indicator of strong bullish sentiment and growing price expectations.
Cardano’s Path to $0.80: What’s Next for the Rising Altcoin?
Cardano recently bounced off the key Fibonacci support at $0.50 and has now reclaimed ground above the 61.8% retracement level at $0.67. If it pushes past the 200-day EMA at $0.71, ADA could retest $0.74 and possibly hit the psychological $0.80 barrier.
The Relative Strength Index (RSI) is also supporting this bullish case, currently sitting at 57 and rising—indicating momentum is on the bulls’ side.
However, if ADA fails to maintain its momentum and closes below Monday’s low of $0.61, it may invalidate the bullish setup and slide toward the $0.50 support once again.
For now, all eyes are on the $0.71 resistance—if that breaks, Cardano could be headed for a breakout week.
