Cardano (Cardano$ADA ) traded at about $0.187 on Monday. The stock had surged more than 14% last week and broke above an uptrend line.
Santiment data shows that some whale wallets are accumulating ADA tokens, indicating that demand is growing.
Derivatives data also supports the bullish outlook: the number of open contracts is rising and the funding rate is positive.
Cardano (ADA) traded at about $0.187 on Monday. The stock had risen more than 14% last week and broke above a key uptrend line. The rebound is supported by signs of whale accumulation and stronger derivatives indicators, suggesting that ADA still has room for further upside
Whale accumulation boosts ADA
Santiment’s supply distribution data shows that large wallet holders (whales) are buying ADA during the recent price drop, supporting a positive outlook for the token.
This indicator shows that since July 29, whales holding between 1 million and 10 million ADA tokens (yellow line) and between 10 million and 100 million ADA tokens (blue line) have accumulated a total of 250 million ADA tokens. This dip-buying behavior suggests that large wallet holders’ long-term interest in ADA remains strong, supporting last week’s price rise.
Cardano supply distribution indicator chart. Source: Santiment
Bullish positions by derivatives traders
Cardano’s derivatives indicators show that market conditions are strengthening. CoinGlass’s ADA exchange open interest (OI) chart shows that since July 30, the number of ADA open contracts has continued to surge, reaching 2.7 billion ADA on Monday. The increase in open interest and the rise in price indicate that new long positions are entering the market, pointing to a bullish outlook and increasing the potential for further upside in ADA.
ADA open interest chart. Source: Coinglass
In addition, the funding rate data also indicates that market sentiment is improving. CoinGlass’s ADA open-interest-weighted funding rate data turned positive on July 28 and has continued to rise, reaching 0.0093% on Monday. This positive funding rate means longs are paying shorts, signaling bullish sentiment.
Cardano funding rate chart. Source: Coinglass
Cardano price prediction: breakout of the ascending trendline
On Monday, the Cardano price was $0.1900, holding above the 50-day moving average at $0.174 and the rising trendline near $0.184, suggesting it may form an initial bottom below $0.180. However, the ADA price is still constrained by the 100-day moving average ($0.196) and the 200-day moving average ($0.261)
The Relative Strength Index (RSI) is 63, slightly bullish but not yet overbought. Meanwhile, the Moving Average Convergence Divergence (MACD) is also positive, leaning slightly constructive, indicating momentum is building but has not yet overcome the overall structural factors above.
On the upside, the initial resistance level is the 38.2% Fibonacci retracement at $0.195, followed closely by the 100-day moving average at $0.196; together, these form short-term resistance. The next resistance is at the 50% retracement at $0.213. Further up, other resistance levels are located at $0.231 (61.8% Fibonacci retracement) and the horizontal levels at $0.236 and $0.245.
On the downside, the direct support level is near the prior trendline breakout point around $0.184. Next is the 50-day moving average at $0.174 and the 23.6% Fibonacci retracement at $0.173. If there is further pullback, it could drop to the $0.150 horizontal base.
