Cardano (ADA) Sees Whales Accumulate 140 Million - Will It Break Overheating and Settle at $0.3?

▲ Cardano (ADA)/AI Generated Image ©

Cardano (ADA), which has surged over 14% this week, is now targeting the $0.300 mark, driven by strong buying pressure in the derivatives market and concentrated accumulation by large whales.

According to investment media outlet FXStreet on September 23 (local time), Cardano, after recording a weekly surge of over 14%, is seeking further gains above the $0.262 level during Wednesday's trading. This rally is being driven by a combination of a sharp increase in open interest, a shift to positive funding rates, and active token accumulation by whales, who are large wallet holders. If strong buying pressure in the market is consistently maintained, there is a possibility that it could break through short-term resistance and jump to a higher price level.

Derivatives indicators point to a clear bullish bias. According to CoinGlass data, Cardano's open interest across global exchanges has sharply increased since mid-September, reaching 2.37 billion ADA as of Wednesday. The increase in open interest, accompanied by a price rise, suggests a significant inflow of new long (buy) positions. Furthermore, the funding rate, which turned positive on September 17, soared to 0.010% on Wednesday, forming a typical bull market structure where long position holders pay costs to short positions.

On-chain data also shows large entities accumulating assets. According to supply distribution data from cryptocurrency analytics platform Santiment, super whales holding between 10 million and 100 million ADA have net accumulated a total of 140 million ADA since last Saturday. During the same period, medium-to-small wallet clusters holding between 100,000 and 10 million ADA sold approximately 30 million ADA, but the accumulation by top whales overwhelmed this selling, providing strong overall market support.

On the other hand, caution about profit-taking due to short-term overheating also exists. According to CryptoQuant data, while large whale orders are flowing into the futures market, a selling-dominant pattern and signs of overheating are simultaneously observed immediately after the surge. The spot market also shows signs of short-term overheating, creating an atmosphere where some investors are adopting a wait-and-see approach and exercising caution.

In terms of technical indicators, the daily chart shows the price is above the 50-day Exponential Moving Average (EMA) at $0.208, the 100-day EMA at $0.205, and the 200-day EMA at $0.239. The Moving Average Convergence Divergence (MACD) also indicates positive values above the signal line, maintaining an overall upward structure. However, as the Relative Strength Index (RSI) has soared to 73, entering the overbought zone, profit-taking might occur around the $0.299 to $0.300 resistance level. Experts analyzed that if a correction occurs, the initial breakout level of $0.245, the 200-day EMA at $0.239, and the horizontal support level of $0.236 would serve as key defensive lines.

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