- Cardano (ADA) is down 15% this past month, despite a short-term 10% bounce in mid-April, with whale sell-offs keeping prices under pressure.
- Open Interest data suggests bullish sentiment, with nearly $612M in futures bets hinting at a potential rebound toward the $1 mark.
- Analysts point to an ascending triangle breakout, with resistance at $0.73; ADA could hit $0.94 by August and possibly reclaim $1 by fall if momentum holds.
The crypto market’s been dragging its feet this year. Between the recession buzz and all the geopolitical tension floating around, it’s honestly been tough for any token to catch a break. Cardano (ADA) hasn’t been spared either—it’s down 15% in the past month, but surprisingly, analysts still think there’s a real shot at it bouncing back to that magical $1 mark.
Where Things Stand Right Now
At the time of writing, ADA is trading at around $0.62. It hasn’t done much over the past week—flatlined just under 1%. But zoom out a bit, and things get more interesting. Back in early April, ADA was scraping along at $0.54, and then it rallied nearly 10% in the second week. Not bad.
What caused that little breakout? And more importantly—can it actually go higher from here?
Big Whales, Heavy Bags
According to Ali Martinez, a well-known crypto analyst, one major reason ADA hasn’t pushed further is because the whales—those big money players—have apparently dumped over 100 million ADA in just the past week.
That’s a pretty bearish signal. When whales unload like that, they usually slow down price momentum for everyone else. They create pressure, and smaller holders tend to follow… or panic.
But There’s Still a Pulse—And It’s Beating Bullish
Despite the whale exit, some indicators are flashing green.
Data from CoinGlass shows there’s still a strong buildup in Open Interest—nearly 986 million ADA in active futures contracts, worth $611 million at today’s price. That’s a ton of people betting on ADA going up. So, the sentiment isn’t dead—it’s just… cautious.
Technically, ADA is also forming what’s called an ascending triangle, which is usually a bullish sign. If it breaks past the next resistance at $0.73, it could be the start of something bigger.
