Cardano is gaining strength as major investors back it and trading activity rises.
Whale Support and Trading Volume Increase
According to crypto analyst Ali Martinez, whales have acquired over 50 million ADA in the past 48 hours, indicating confidence in the asset's long-term value. Another significant signal is a 190 million ADA transaction, confirming a strong accumulation phase. CoinGecko data shows that Cardano's 24-hour trading volume surged by 63.84%, surpassing $1.12 billion, highlighting renewed investor interest.
Lace Wallet Adds Bitcoin Support
Cardano's development team, Input Output Global, recently introduced multi-chain capabilities to its Lace wallet, now supporting Bitcoin transactions. While this integration broadens Cardano's ecosystem appeal, it has yet to deliver a direct impact on ADA's price. However, such advancements could enhance Cardano’s position in the blockchain industry over time.
Technical Analysis: Breakout or Breakdown?
From a technical perspective, ADA is hovering just above a key support level at $0.69. A break below this could trigger a decline toward the $0.57–$0.60 range. Conversely, overcoming the $0.75 resistance could pave the way for a new bullish trend. Technical indicators offer mixed signals: the Relative Strength Index (RSI) sits at 46.14, suggesting neutral momentum, while Bollinger Bands identify $0.76 as the next resistance level, with a stronger ceiling at $0.93. Ali Martinez believes that breaching $1.15 on the daily chart would confirm a rising wedge formation, potentially setting the stage for a move toward $2.
The Cardano market is at a critical juncture. If momentum builds and technical levels are cleared, ADA could emerge as one of the strongest performers in the altcoin space in the coming weeks.
