- ADA whales scooped up 200M tokens worth $166M, with spot buyers adding over $14M in recent days, fueling bullish sentiment.
- Perpetual trading activity is cooling, with the Long-to-Short ratio dipping below 1 and daily volume falling 21%, though funding rates remain positive.
- A breakout above the $0.83 resistance could set ADA on a path toward $1, but failure at this level risks a sharp pullback.
Cardano [ADA] bulls seem to be stretching their legs again—up nearly 2.82% in the last 24 hours. But behind the green candles, the story gets more interesting. While whales and spot buyers are scooping up large amounts of ADA, perpetual traders don’t seem to be matching that enthusiasm.
Whales and Spot Buyers Load Up on ADA
The real muscle in this move comes from ADA whales—addresses holding between 100 million and 1 billion tokens. Santiment data shows these big players grabbed 200 million ADA (worth roughly $166 million) between August 9 and 10. That’s no small snack.
Spot buyers weren’t about to miss out either. CoinGlass reported $11 million worth of ADA flowing into spot markets over the same period. Then, just to keep the momentum rolling, another $3.61 million was added recently—painting a clear bullish sentiment in the spot crowd.
Perpetual Traders Losing Steam?
Here’s the twist—perpetual markets aren’t singing the same tune. In the last day, the Long-to-Short ratio dipped below 1, hinting that short volume is outweighing longs. Trading volume also dropped over 21% to $2.14 billion—a $459 million slip that suggests traders may be stepping back for now.
Still, all’s not bearish. The Open Interest Weighted Funding Rate sits firmly positive at 0.0108%, showing most open derivative positions are still long. It’s a tug-of-war, but the bulls haven’t left the arena.
Can ADA Smash Through $0.83?
ADA’s shot at reclaiming $1 comes down to breaking three key resistance levels: $0.83, $0.88, and $0.93. History shows the $0.83 zone is tricky—last time ADA got there, it tumbled more than 20%.
If momentum falters again, another drop is on the table. But if the bulls muster enough force for a clean break, that could set the stage for a strong rally—possibly the one that finally takes ADA into the dollar club again.
