Cardano Price Eyes $0.84 As Whales Accumulate 120 Million ADA

Key Insights:

• Cardano whales have accumulated 120 million ADA tokens in the past two weeks.
• The Cardano price rally may only be confirmed if a daily candle closes above $0.6075.
• Given the current market conditions, traders and long-term holders are leaning heavily bullish.

After a prolonged period of sideways movement and a downtrend structure, Cardano price has finally ended its bearish outlook with impressive gains. On July 9, 2025, Cardano’s native token (ADA) surged over 5%.

ADA is attracting massive attention from crypto enthusiasts and opening the path for a potential upside rally.

Cardano Price and Shift in the Market Sentiment

Before this rally began and Cardano price broke out of its bearish trend, a well-followed crypto analyst shared a report stating that whales and institutions had purchased over 120 million ADA tokens in the past two weeks.

This substantial accumulation of ADA tokens by industry giants hints that it might be a potential reason behind the ongoing Cardano price rally.

At press time, ADA was trading near $0.6097 and has recorded a price surge of 5% in the past 24 hours. During the same period, investors and traders’ participation has also skyrocketed. It led to a 35% jump in ADA’s trading volume.

Traders Turn Bullish as Long/Short Ratio Hits Monthly High

So far, Cardano price has opened the path for a rally, and traders and long-term holders have started betting on the bullish side.

Data from the on-chain analytics firm CoinGlass reveals that ADA’s long/short ratio currently stands at 1.1048. It is the highest value since the beginning of June 2025. A long/short ratio above 1 indicates strong bullish sentiment among traders.

The metric further shows that 52.49% of traders are now betting on the bullish side, while 47.51% are on the short side.

Investors’ Accumulation and Traders’ Over-Leveraged Levels

While examining the tool, CoinGlass reveals that traders are over-leveraged at $0.576 on the lower side (where they have shown strong interest) and at $0.626 on the upper side, where bears have been found strongly betting.

At these levels, traders have built $19.37 million worth of long positions and $5.12 million worth of short positions. That clearly indicates bulls are strongly dominating the asset. Additionally, they believe that Cardano price is unlikely to fall below the $0.576 level anytime soon.

In addition to traders, investors and long-term holders also appear to be accumulating the tokens. Data from spot inflow/outflow reveals that exchanges across the crypto landscape have recorded an outflow of $3.04 million worth of ADA tokens.

This substantial outflow from exchanges suggests potential accumulation. It could lead to buying pressure and upward momentum.

Cardano Price Technical Analysis: Breakout in Play, $0.84 in Sight?

According to expert technical analysis, ADA appears bullish after breaking out of a descending trendline and a prolonged sideways market. On the daily chart, Cardano price seems to be retesting the breakout area around $0.60.

Based on recent price action and historical patterns, if ADA holds above the $0.60 level, there is a strong possibility that it could soar by 37% and potentially reach the $0.84 level in the near future.

200 EMA and RSI Overview

Despite the notable upside rally, ADA’s price is still trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe. It shows that ADA remains in a downtrend. However, if the current bullish momentum and market sentiment persist, it could potentially shift into an uptrend.

Meanwhile, ADA’s Relative Strength Index (RSI) stands at 52, indicating that the asset is neither in overbought nor oversold territory. However, it is currently heading toward the overbought zone and still has enough room to continue its upside momentum.

When combining the recent Cardano price action with on-chain metrics, it appears that the bulls are back and currently dominating the asset. There are also signs of potentially recovering all of its past losses.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.