Cardano is changing hands around $0.187 on Monday after rallying more than 14% over the past week and successfully breaching a key ascending trendline. This notable price recovery finds strong backing in persistent whale accumulation and strengthening derivatives metrics, pointing toward a continuation of the upward trajectory for ADA.
On-chain data provided by Santiment highlights that specific whale cohorts are actively accumulating ADA tokens, signaling a steady rise in large-scale demand. Specifically, wallets holding between 1 million and 10 million ADA tokens, represented by the yellow line, alongside those holding between 10 million and 100 million ADA tokens, tracked by the blue line, have collectively accumulated a substantial 250 million ADA tokens since July 29. This persistent buy-the-dip behavior demonstrates enduring long-term conviction among major wallet operators and provided a solid foundation for last week's price surge.
Cardano's derivatives market indicators are simultaneously reflecting increasingly robust trading conditions. CoinGlass Open Interest data tracking ADA across multiple exchanges reveals a steady upward climb starting July 30, with outstanding contracts reaching an impressive 2.70 billion ADA coins on Monday. This simultaneous expansion of open interest alongside appreciating prices strongly suggests that fresh long positions are entering the ecosystem, reinforcing a distinctly bullish outlook and elevating the probability of further upside potential for ADA.
Complementing this picture, funding rates data confirms a notable improvement in overall market sentiment. CoinGlass OI-Weighted Funding Rate metrics for ADA flipped into positive territory on July 28 and have steadily climbed higher, registering 0.0093% on Monday. This positive funding rate indicates that traders holding long positions are actively paying short positions, projecting an unmistakably bullish market sentiment.
Technical indicators further flesh out the outlook, with the Relative Strength Index sitting at 63, leaning firmly in a bullish direction without crossing over into overbought territory. Concurrently, the Moving Average Convergence Divergence registers a positive reading characterized by a constructive tone, pointing toward improving price momentum that is steadily working to overcome broader overhead structural resistance.
On the downside, immediate support is located around the prior trendline breakout point at $0.184, with subsequent support situated at the 50-day EMA near $0.174 and the 23.6% Fibonacci retracement level at $0.173. A more pronounced pullback would expose the major horizontal floor situated around $0.150.
Meanwhile, the broader cryptocurrency ecosystem reflects mixed sentiment as Bitcoin prices edge lower on Monday toward $63,000 amid resurfacing bearish momentum, compounded by approximately 1,300 BTC stolen in a Coldcard wallet exploit and shifting geopolitical headlines. In parallel, Solana trades in the red on Monday, shedding bullish momentum while remaining capped below its 50-day Exponential Moving Average at $75.68, even as SOL-focused exchange-traded funds demonstrate underlying resilience with a monthly inflow of $14.62 million recorded in July despite waning near-term retail support.
