Cardano Whale Selloff Raises Concerns Amidst ENA and OKB's Weekly Gains

Cardano (ADA) has risen 2.50% in the last 24 hours, with a whale selloff driving concerns. Ethena (ENA) has added 9% for the week, despite a 40.63M ENA unlock. OKB has surged 10% daily, cementing its weekly gainers status. However, if ADA loses $0.80, bears may press toward $0.70. ENA's 171.88M unlock looms, with a chunk to core contributors, and OKB is trading within a bearish channel.

Cardano (ADA) has experienced a 2.50% increase in the last 24 hours, driven by a whale selloff that has sparked concerns among investors. The cryptocurrency is currently testing a critical $0.88 resistance level, with analysts predicting a sustained close above this point could open the path to $1.23 [1]. This potential rally is fueled by the anticipation of the upcoming Glacier upgrade, which introduces Hydra for layer-2 scalability and Midnight for improved smart contract functionality [1].

The market cap of Cardano stands at $28 billion, significantly lower than Ethereum's $532 billion, while the total value locked (TVL) is $362 million compared to Ethereum's $91.64 billion. However, Cardano's recent price movement has been driven by strong buyer interest and technical momentum within an ascending channel established since mid-June [1].

Analysts have identified $0.8789 as the immediate resistance based on Fibonacci retracement levels. A confirmed close above this point could drive ADA to $0.96, with further resistance observed at $1.05 and a potential peak at $1.23, indicating a near 50 percent upside from current prices. On the downside, ADA holds support at $0.78, with additional cushions at $0.72 and $0.66 if selling pressure intensifies [1].

The Glacier upgrade aims to enhance Cardano's utility and adoption metrics, potentially narrowing the gap with larger ecosystems like Ethereum. However, the timeline for the upgrade remains subject to protocol development schedules. Market pricing often anticipates upgrades, so price action may reflect expectations ahead of deployment [1].

To monitor an ADA breakout, traders should watch for daily closes above $0.88 with rising volume, confirm support at $0.78 on pullbacks, and track on-chain metrics such as developer activity, transactions, and TVL growth. Additionally, reviewing macro crypto market trends and Ethereum metrics can provide correlation signals [1].

In conclusion, Cardano is at a pivotal juncture with technical momentum colliding with fundamental upgrades in Glacier. Traders should prioritize confirmation above $0.88 and monitor support zones while watching developer and TVL metrics for evidence of sustained adoption. COINOTAG will continue to track updates and provide data-driven analysis.

References:
[1] https://en.coinotag.com/cardano-ada-nears-0-88-resistance-as-glacier-upgrade-could-bolster-rally-toward-1-20/