Cardano Surges 17% on Short Liquidations, HYPE Nears Record High

Ongoing volatility continues to shape short-term sentiment, with new developments pushing coins higher or reversing direction within hours. The ADA price trend demonstrates how sudden short liquidations and technical indicators can spark price rallies, helping Cardano bounce back with a 17% gain from its early July lows. Meanwhile, HYPE price action is showing signs of strength as it nears previous highs, helped by Bybit’s support and Grayscale’s latest inclusion of the asset.

Cardano is trading at $0.626, up 17% from its lows earlier this month. A wave of short liquidations worth $2.98 million triggered a sharp 10% rise in the last seven days, with some indicators pointing toward an additional 8% increase, potentially reaching $0.68. Technical charts show the RSI holding above 50, along with higher lows, suggesting continued bullish pressure on the daily timeframe. Still, the broader weekly ADA price trend remains bearish, with lower highs holding since December. Analysts are closely watching the $0.684 Fibonacci resistance. However, despite the technical momentum, on-chain indicators tell a different story. Declines in development activity and active addresses raise doubts about demand strength, even with a projected $0.78 price for August.

HYPE price action remains bullish, with the asset trading at $40.90, only 12% shy of its record high of $45.80. A recent Bybit spot listing and Grayscale’s addition of HYPE to its Q3 asset holdings have drawn institutional interest and wider recognition. Trading activity has jumped significantly, with volume up 40.2% to $421.8 million. A $2.64 million buyback by the Assistance Fund has also supported the positive trend, adding confidence to the current push. The charts reveal an ascending triangle, often viewed as a bullish continuation pattern. If buyers manage to overcome the $42 ceiling, the next target is the $50 mark. However, if the resistance holds, HYPE could face a correction toward the $28 to $30 range, making this level a crucial zone to monitor.

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The ADA price trend and HYPE price action both highlight how specific developments can shape an altcoin’s momentum. For Cardano, the recent short liquidations and technical strength suggest a potential move higher, assuming it can push through resistance. HYPE continues to gain ground, supported by new exchange listings and institutional interest, with the $50 target in sight. However, BlockDAG stands out with its strong fundamentals and growing user engagement. The $339 million raised, 23.9 billion coins sold, and consistent Buyer Battles all contribute to its positioning as the next crypto to explode. With its low entry price still active and momentum building, the GLOBAL LAUNCH release could become one of the most watched events in the coming weeks.