Cardano (ADA) has witnessed explosive trading activity with a 111.37% surge in 24-hour volume reaching $1.11 billion, according to CoinMarketCap. This volume spike coincides with ADA's price climbing 5.09% to $0.6267, extending its weekly gains to 3.39% as bulls drive momentum. Technical analysis reveals ADA is testing resistance between $0.64-$0.65, with a breakout potentially triggering further upside.
Simultaneously, blockchain data shows whales accumulating 120 million ADA tokens (worth approximately $3.3 billion) over two weeks. This accumulation phase aligns with Cardano's first-ever weekly golden cross formation – a major bullish signal where the 50-week moving average crossed above the 200-week moving average. Despite trading below key daily moving averages ($0.64-$0.66), exchange data reveals consistent net outflows, indicating long-term holding behavior amid negative funding rates that could fuel a short squeeze.
The rally is further supported by Bitcoin's broader market influence, with BTC nearing its all-time high at $111,301.30. Additional bullish indicators include growing holder adoption (4.5 million unique addresses), robust annual trading volume ($381 billion), and a narrowing Bollinger Band pattern suggesting potential steady growth. Analysts note ADA must close above $0.64 to confirm bullish momentum, with price predictions ranging from $0.74 by August to $10 in the current cycle.