At the time of reporting, Cardano was trading at $0.8219, up 1.6% in the past 24 hours and 12% over the last week, driven by increasing whale buying pressure. The 7-day price range for ADA has been between $0.7134 and $0.8332. Trading volume in the past 24 hours reached $1.29 billion, down 3.6%, indicating a slight slowdown in spot market activity. Meanwhile, open interest rose by 0.42%, but CoinGlass’s derivatives data reveals that futures volume fell by 10.22% to $2.25 billion, suggesting that traders are holding onto their positions despite reduced trading activity.
Cardano whale accumulation and key ecosystem drivers
On August 11, analyst Ali Martinez revealed that whales had acquired more than 200 million ADA within 48 hours. In a separate report, Martinez noted that ADA’s price is following a similar pattern to its previous market cycle, but progressing at a slower pace.
According to Martinez, if the buying momentum persists, ADA could be at the “start of an explosive move,” potentially setting the stage for a larger rally. Meanwhile, the Cardano ecosystem has seen significant progress. On August 5, the Midnight Network launched the NIGHT token airdrop, distributing tokens to 30 million wallets across eight blockchains, with 50% allocated to ADA holders. More than 470 million NIGHT tokens have already been redeemed, reflecting strong community engagement and likely strengthening long-term holder loyalty.
Additionally, on August 8, Cardano rolled out an update to its Hydra scaling protocol, enhancing transaction throughput and overall network efficiency—an upgrade that could drive increased on-chain adoption and activity.
Cardano technical analysis
The overall trend remains bullish, with all major moving averages—from the 10-day to the 200-day—signaling a “Buy.” Short-term EMAs (10–50) have climbed above key support levels, reflecting strong market momentum. While oscillators remain mostly neutral, both the momentum and MACD indicators are firmly in “Buy” territory.
With the relative strength index at 63, it remains in bullish territory but still below the overbought level of 70, leaving room for further price appreciation before a potential correction.
A break above $0.8332 could open the path toward $0.88 and, if sustained, potentially $0.92. In a bull market, ecosystem developments combined with whale accumulation may intensify the rally. However, if the price fails to hold above $0.78, a retest of the $0.75 support—an area that has historically attracted strong buying interest—could take place.
