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Cardano sees accelerated whale accumulation as price mirrors past bull cycle
Cardano (ADA) traded at $0.8219 at the time of writing, up 1.6% over the past 24 hours and roughly 12% for the week as large holders step up accumulation. Over the past seven days ADA has traded between $0.7134 and $0.8332, while 24-hour spot volume reached $1.29 billion (down 3.6%). Open interest in derivatives ticked up 0.42%, but CoinGlass data shows futures volume fell 10.22% to $2.25 billion, suggesting traders are holding positions even as turnover softens.
Whale buying: 200 million ADA in two days
On Aug. 11, analyst Ali Martinez reported that Cardano whales acquired more than 200 million ADA within a 48-hour window. That kind of concentrated accumulation by high-net-worth addresses is often interpreted as a bullish signal, especially when the token’s price action begins to echo previous market-cycle structures. Martinez noted ADA’s current pattern resembles earlier runs but is unfolding more slowly — a dynamic that, if sustained, could set the stage for a rapid upward move.
On-chain catalysts: Midnight Network airdrop and Hydra upgrade
The Cardano ecosystem has seen tangible product and token events that may be reinforcing buyer conviction. On Aug. 5, the Midnight Network launched the NIGHT token airdrop targeting 30 million wallets across eight blockchains, reserving 50% of supply for ADA holders. More than 470 million NIGHT tokens have already been redeemed, signaling strong community engagement and potentially encouraging longer-term ADA holding.
Just days later, on Aug. 8, Cardano released an update to its Hydra layer-2 scaling protocol, improving transaction throughput and network efficiency. Higher throughput and lower latency can support broader on-chain activity, decentralized app growth, and greater utility — all bullish fundamentals for ADA and the Cardano blockchain.
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Technical outlook: momentum is positive but watch key levels
Short- and long-term moving averages from the 10-day through the 200-day are signaling a "Buy," with the 10–50 day EMAs pushing above critical support zones. Oscillators sit mostly neutral while momentum and MACD indicators remain in bullish territory. The relative strength index (RSI) at 63 is in bullish range but below the 70 overbought threshold, leaving room for additional gains before a meaningful correction.
A decisive break above $0.8332 could open targets at $0.88 and, if momentum continues, $0.92. Conversely, failure to hold above $0.78 might prompt a retest of the $0.75 demand zone — an area that has historically attracted significant buying interest. With whale accumulation, ecosystem upgrades like Hydra, and community-driven events such as the NIGHT airdrop, Cardano could be positioned for a clearer breakout if market conditions remain supportive.
What traders and holders should watch
Monitor whale wallets, on-chain flows, futures open interest, and daily volume for confirmation. Watch $0.8332 as a near-term breakout level and $0.75–$0.78 as key support. Continued network upgrades and successful token integrations will be essential for sustained on-chain adoption and long-term price appreciation for ADA and the broader Cardano ecosystem.
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