Key Highlights
- ADA maintains trading range between $0.21ā$0.224, showing weekly gains
- Technical analyst projects possible climb to $2.90, representing 14x upside potential
- Decentralized exchange activity on Cardano surged 200% within 48 hours, reaching $7M from $2M
- Large wallet addresses holding 1Mā10M ADA have acquired 60 million tokens since the weekend
- Multiple technical signals including RSI and MACD show bullish momentum building
Cardano (ADA) is changing hands near $0.224 as of Friday’s trading session, continuing its recovery after establishing solid support around crucial moving average levels earlier in the week. The cryptocurrency has posted approximately 17% gains over the past seven days, bolstered by expanding on-chain metrics and aggressive accumulation from institutional-sized wallet holders.
A prominent market analyst on X has presented an optimistic outlook for ADA, forecasting a substantial 14x appreciation that would propel Cardano from current levels toward $2.92. The analyst suggests the asset may have already established its cycle bottom and is positioning for a significant upward trajectory.
Market commentator Sssebi expressed their perspective on X, noting that “$ADA is not giving up” and observing that “the longer it tests the resistance, the higher chance to break it.” The remarks accompanied ADA’s persistent attempts to overcome critical overhead resistance barriers.
Blockchain analytics from DeFiLlama reveal that Cardano’s decentralized exchange trading volumes have expanded by three times over a mere 48-hour period, surging from $2.01 million to $7.28 million. This development indicates a substantial increase in ecosystem engagement and activity.
Major Holders Drive Price Support
Analytics from Santiment demonstrate that addresses controlling between 1 million and 10 million ADA have purchased an additional 60 million tokens since Sunday’s session. This strategic accumulation during price weakness from institutional-level participants has provided fundamental support for the week’s price appreciation.
The total value locked across Cardano’s ecosystem has experienced growth as well, climbing from 268.47 million ADA recorded on August 28 to 299.81 million ADA currently, representing an injection of more than 31 million ADA in less than a fortnight. Meanwhile, DeFi platform RealFi has confirmed its scheduled launch on the Cardano network for October 1.
Futures market data from CoinGlass indicates ADA’s long-to-short ratio has reached 1.10, approaching its peak level over the previous month. Funding rates have simultaneously shifted into positive territory at 0.0087% as of Friday, suggesting an increasing number of market participants are establishing long positions.
Chart Analysis and Price Levels
ADA currently trades above both its 50-day and 100-day exponential moving averages, though it continues trading beneath the 200-day EMA. The Relative Strength Index registers at 64, indicating bullish momentum while remaining outside overbought conditions. The MACD indicator has crossed into slightly positive territory.
Primary resistance levels are positioned at the 61.8% Fibonacci retracement near $0.231, followed by $0.236, and the 200-day EMA zone hovering around $0.245. Downside support can be found near $0.213, with the 100-day EMA providing additional backing at $0.198.
One metric requiring attention: stablecoin capitalization on the Cardano network has declined from $67.95 million to $63.97 million, according to DeFiLlama tracking.
The current long-to-short ratio of 1.10 combined with the positive funding rate of 0.0087% recorded on Friday underscore the prevailing bullish sentiment within derivatives trading environments.
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