Recent data indicates that Cardano's price is rising due to activity from large investors and increased trading in derivatives.
Large Investor Accumulation
Santiment's data indicates that in the last 48 hours, wallets containing between 100 million and 1 billion Cardano have accumulated over 200 million ADA. This may suggest high interest from large investors. The rising altcoin prices further confirm strong interest among institutional or high-net-worth investors.
Bullish Signals from Derivatives
Open interest in futures on major exchanges reached its highest since late July, climbing to $1.41 billion. This increase in open interest may signal new capital inflow into the market. Additionally, positive funding rates indicate that longs are paying shorts, which is often observed before a strong upward movement.
Technical Analysis and Forecasts
Technical analysis shows that Cardano's price has broken through resistance and is currently trading above it. If momentum continues, analysts expect a potential jump to $1.60 in the medium term. Current support levels are $0.78, $0.76, and $0.755.
The sustained interest from large investors and positive trading dynamics may further contribute to Cardano's price growth amid favorable market conditions.
