Cardano bulls greeted the short-sellers with a multi-million dollar short squeeze right ahead of the 22% rally.
Cardano trades near $0.19 as a new 2.5M ADA Catalyst fund launches and derivatives activity rises toward $0.20 resistance.
The network had 7,070 fewer non-empty wallets than two months ago.
ADA's latest move is drawing attention, but the signals behind the rally reveal a more complicated picture for Cardano.
Bitcoin advanced as the market settled down following the weekend's hack of Coldcard wallets and sales by Strategy even as sentiment remained in “extreme fear.”
As ADA continued to extend its recovery from June lows, Cardano produced one of its strongest trading sessions in weeks, with daily trading volume rising by more than 33%. Bulls are enjoying their first significant advantage in months as the asset breaks above a number of important technical resistance levels.
EMURGO confirmed its resignation from the Intersect board of directors following public criticism voiced by community representatives regarding the management of the Yoroi wallet. The total value locked (TVL) in the network's DeFi ecosystem recorded an increase exceeding 9% over the past week, reaching nearly $68 million.
Driven by prospects of the Dijkstra era, Cardano is seeing increased whale interest, with token accumulation increasing, showing an upcoming price rally.
ADA sits in an accumulation phase - liquidation clusters hint at an upside ahead.
This integration could significantly enhance blockchain interoperability, potentially boosting DeFi innovation and ecosystem connectivity. Cardano connects with Injective via IBC on testnet, enabling cross-chain asset transfers.
Cardano (ADA) rarely ranks among the leading assets on exchange liquidation charts, usually giving way to BTC or ETH. However, the situation changed in early August as margin traders became overly confident that the token would fall toward $0.15 and opened one-sided bets on further downside.
Cardano price rallied as high as $0.190 after whales accumulated 240 million ADA, while a bullish reversal pattern pointed to a possible extension toward $0.208. Cardano price trims gains after reaching $0.190 According to data from crypto.