The price of Cardano (ADA) surged by 14.82%, capturing the attention of traders and investors. Key factors for this rise include the overall crypto market rally, IOG's newly launched partnership in Latin America, and Cardano Foundation's substantial reserves.
Whale Transactions Hit Peak Levels
Cardano's on-chain activity has seen significant growth. According to Santiment, whale transaction counts (over $100k) have been increasing since July 8th and hit peak levels recently. This surge in large-volume transfers indicates that institutional players or early investors are gearing up for a broader rally.
Cardano Price Analysis
At the time of publication, ADA is trading at $0.7242 after a 14.82% rise in the last 24 hours. Trading volume spiked over 70%, reaching $1.88 billion, indicating strong market activity. ADA touched a daily low of $0.6227 and peaked at $0.7349, breaking multiple resistance levels. The 4-hour chart shows a clear breakout from the $0.6554 resistance, with ADA targeting $0.75 as the next psychological barrier. Strong support now lies between $0.613–$0.655.
FAQs
Why is Cardano (ADA) price rising today? ADA price is climbing due to a broader market rally, whale accumulation, bullish technical breakout, and renewed developer interest following IOG's LATAM partnership. What does the whale activity mean for ADA's future price? Rising whale transactions indicate that smart money is accumulating, often preceding further price increases. Is it too late to buy ADA now? With RSI in overbought territory, short-term traders should exercise caution.
The sharp rise in Cardano's price amid increased whale activity and new partnerships highlights the cryptocurrency's significance. However, investors should be cautious due to market volatility.
