Key Takeaways:
- ADA jumped 15% to above $0.160 as whales added 150M tokens since June 25
- A new ADA Pay plugin enables over 7 million merchants to accept Cardano
- Futures open interest climbed to $403 million with positive funding rates
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Cardano surges 15% to $0.16 as whales accumulate 150M tokens
Cardano rose 15% to $0.1603 as large holders accumulated 150 million tokens and a new payment plugin expanded merchant access to 7 million stores.
"ADA is rebounding from support within a descending wedge formation, with a potential breakout targeting $0.35 in the coming months," Globe Of Crypto, a pseudonymous cryptocurrency analyst, said on X.
Futures open interest expanded to $403 million from $335 million in mid-June, Coinglass data shows. Funding rates turned positive on Monday and stood at 0.0085% by Friday, indicating long-position holders are paying shorts — a sign of bullish positioning. Daily trading volume approached $500 million, while market capitalization stood at $5.78 billion.
ADA faces resistance at the 23.6% Fibonacci retracement level near $0.173, with additional supply clustered between $0.185 and $0.245, according to CoinGecko data. On the downside, structural support remains established near $0.138. The ADA Pay plugin, developed by community contributor MB, eliminates the need for custom development, potentially driving real-world usage if merchants adopt the solution at scale.
Large wallet addresses holding between 100,000 and 100 million ADA collectively added 150 million tokens to their positions since June 25, Santiment data shows. Such accumulation during price corrections typically signals confidence among major stakeholders and can establish price support by reducing circulating supply available for market sales.
Cardano core developer Dave highlighted the network's eUTXO architecture, noting that developers can calculate transaction fees and anticipated outcomes before execution. He said this capability minimizes failed transactions, which is valuable for financial applications requiring transparent cost structures.
The Relative Strength Index hovers near the neutral 50 threshold, while the MACD indicator trades marginally above the zero line, suggesting momentum is consolidating rather than showing strong directional acceleration.
This article is for informational purposes only and does not constitute investment advice.
