Cardano Whales Accumulate $285M in ADA, Bullish Sentiment Persists
1min read Cardano whales have been actively accumulating ADA, purchasing 410 million tokens worth approximately $285 million over the past month. This significant accumulation suggests a strong long-term conviction in the asset, as whales typically buy into weakness with the expectation of future price appreciation. The accumulation phase occurred while prices remained relatively suppressed, indicating that these large investors anticipate a future breakout.
In the spot market, the Netflow has remained bullish over the past few months. Netflow compares buying and selling activity to determine which side of the market is dominant. Since March, approximately $416 million worth of ADA has been purchased from the market. Although this accumulation hasn’t led to a sharp upward move yet, it suggests that traders are preparing for a significant rally. This bullish outlook is further supported by the recent rally of 7.62% over the last month, despite a 1.69% drop in the past 24 hours due to a broader market correction.
On the chart, ADA is showing choppy movement with no clear pattern to guide precise predictions. However, using the Fibonacci retracement line, analysts have identified several levels that could restrict or define ADA’s price movement. At the time of writing, Cardano hovered around $0.7034—a resistance level it has tested for ten straight days. To evaluate the likelihood of ADA moving beyond this level, analysts reviewed the Liquidation Heatmap to identify liquidity clusters. Liquidity clusters tend to attract price movement, pulling it toward those zones. At present, multiple liquidity clusters are stacked above ADA’s price, reaching as high as $0.74. This development indicates that ADA could overcome the current resistance level and move toward higher price levels on the chart.
In the derivatives market, bullish sentiment remains strong as long traders continue opening new positions. Open Interest, which tracks the value of unsettled derivative contracts, has increased, now totaling $778.99 million. This growth suggests a rise in active positions and overall market engagement. To understand the directional tilt, analysts looked at Funding Rates. Currently, the Funding Rate stands at 0.0084%, confirming that the majority of positions are long. This reinforced the broader bullish sentiment seen across the board.
In summary, Cardano continues to see consistent accumulation from whales and traders, indicating confidence in its long-term value. The recent market activity and technical analysis suggest that a May breakout is brewing, but for now, the asset needs to build short-term momentum to overcome the current resistance level and move toward higher price levels. 
