Cardano has made a defiant return to the crypto top 10, reclaiming its spot on CoinMarketCap after ADA price surged nearly 20% over the last 48 hours.
This rally allowed the “Ethereum-killer” to flip Bitcoin Cash in market capitalization, signaling a renewed appetite for the asset following months of lacklustre price action.
Interestingly, while CoinMarketCap places ADA at #10, the platform CoinGecko currently ranks it 12th. This discrepancy typically arises from how each platform calculates circulating supply and which “wrapped” or staked assets they include in their total market cap valuation.
Regardless of the minor ranking rift, the momentum behind Cardano is undeniable.
The attached ADA/USDT daily chart reveals a significant shift in sentiment. After a period of consolidation throughout February, Cardano is currently trading at $0.2921, testing the upper bounds of its recent range.
The Relative Strength Index (RSI) sits at 50.98, indicating a neutral-to-bullish momentum with plenty of “room to run” before reaching overbought territory.
Meanwhile, the Awesome Oscillator (AO) has printed its first few green bars above the zero line, suggesting that bullish momentum is finally overtaking the previous bearish trend.
The immediate resistance is a psychological barrier at $0.3000. A daily close above this level could clear the path for a move toward $0.34.
On the downside, solid support is established at the $0.25 level, where buyers aggressively stepped in during early February.
Whether Cardano holds its top 10 position depends on its ability to flip the $0.30 mark into support. With whale accumulation on the rise and technical indicators flashing green, ADA is well-positioned to maintain its comeback, provided the broader market remains stable.
Recent data from Santiment and other analytics providers suggests a clear divergence between large holders and retail traders.
Over the last six months, “sharks” and “whales” have aggressively increased their positions. Specifically, 819.4 million ADA has been accumulated by this group even as prices hit local lows near $0.26.
Meanwhile, institutional interest is also resurfacing. Grayscale recently increased Cardano’s weighting in its Smart Contract Platform Fund to 20.2%, making it the fund’s third-largest holding.
