Whales and Spot Buyers Drive ADA Gains
On 9–10 August, Santiment data revealed that large Cardano addresses — holding between 100 million and 1 billion ADA — purchased 200 million ADA, valued at approximately $166 million.
Spot market activity mirrored this trend, with CoinGlass reporting $11 million in ADA net inflows over the same period. Additional buying of $3.61 million further reinforced market optimism.
Perpetual Traders Show Mixed Signals
Despite spot and whale accumulation, perpetual traders appear cautious. In the last 24 hours, the Long-to-Short ratio dipped below 1, suggesting higher selling volume compared to buying.
Trading volumes dropped 21.49% to $2.14 billion — a $459 million decline — signaling reduced activity. Still, the Open Interest Weighted Funding Rate remains positive at 0.0108%, indicating most derivative positions are still long.
Key Resistance Levels Before $1
For ADA to reclaim $1, it must break through three key resistance levels — $0.83, $0.88, and $0.93.
The nearest hurdle, $0.83, has previously triggered a 20% correction upon testing. If ADA fails to break this level, a notable retracement could follow. Conversely, a decisive breakout could fuel a sharp rally towards $1.
Market Outlook
With whale accumulation strong but perpetual trader enthusiasm waning, ADA’s short-term trajectory hinges on whether it can overcome the $0.83 resistance in the coming sessions.
