Cardano Price Retains 8% WTD Rally as Whale Accumulation Mounts

Cardano price holds an 8% weekly gain near $0.6008 as whales and sharks added 348 million ADA.

Notably, trading volume and open interest are on the rise, showing steady market recovery.

Ongoing projects like Hydra and Midnight Network boosts investor confidence in Cardano’s long-term progress.

Cardano Price Outlook Shows Steady Recovery

Cardano price has gained about 8% in the past week, trading around $0.6008.

According to On-chain data, the coin found strong support at $0.60 after a short decline earlier this month.

Additionally, market data indicate a small but steady recovery as more traders return to the market.

Additionally, the Moving Average Convergence Divergence (MACD) chart turned positive on November 9, which is often considered a sign of potential upward movement.

Trading volume in Cardano’s derivative market grew by 14.56% to about $1.09 billion, while open interest increased by 5% to nearly $697 million.

Market participants believe that these numbers point to stronger activity and higher interest among traders.

Based on this perspective, if this trend continues, Cardano price could move toward the next resistance level at $0.70.

Essentially, that would translate to an approximately 18% increase from the current price.

Data from CryptoQuant also shows that large investors are placing buy orders in both spot and futures markets.

This suggests that the selling pressure seen earlier is easing and that the market is becoming more stable.

In a separate analysis, market watchers who track long-term patterns believe Cardano may be forming a base similar to the one that appeared before the 2020–2021 rally.

According to the update, they note that the broader cryptocurrency market is also improving, which could help maintain the current strength in the Cardano price.

Whales and Sharks Boost ADA Holdings

Big investors known as whales and sharks have been adding to their ADA positions.

According to data from Santiment, these holders purchased approximately 348 million ADA, valued at around $204 million, over the past four days.

This new buying represents about 0.94% of the total Cardano supply. Many of these purchases came after the price dropped below $0.50 last week.

This shows that larger investors are taking advantage of lower prices to increase their holdings.

Such activity often boosts market confidence and can help support prices in the near term.

Basically, the increase in whale buying may also reduce short-term volatility.

When larger investors hold a significant share, they tend to trade less frequently, creating more price stability.

Analysts say this accumulation phase could be an early sign of a broader recovery if the market continues to show strength.

It is clear that the rise in both trading activity and whale accumulation adds support to the idea that Cardano may continue to move gradually higher through November.

Development Work Keeps Cardano Moving Forward

Cardano’s network continues to grow through ongoing technical improvements.

The team recently released Hydra v1.0, an update that aims to enhance the blockchain’s speed and scalability.

Another project, the Midnight Network, focuses on improving privacy and security for developers and users.

Cardano’s ecosystem also includes new work on CNFTs and CNTs, showing that the network is expanding beyond basic transactions.

Many community members believe these updates reflect Cardano’s focus on long-term progress rather than short-term speculation.

Industry voices highlight that Cardano price and the ecosystem is now entering a more mature phase.

Harsh Singh, a collaboration manager in the Cardano community, said the project is putting more attention on builders and real use cases.

Similarly, others note that Cardano’s new governance plans show a move toward a more organized structure. This shift could help the network manage growth as more projects and users join.