Key Highlights
- Cardano (ADA) rose about 10% in 24 hours as trading volume climbed to around $607 million.
- Whales accumulated more than 240 million ADA, according to Santiment.
- Investors are watching the CLARITY Act, ETF hopes, and the $0.22 resistance level for ADA’s next move.
Cardano’s native token, ADA, is up about 10%, recorded over the last 24 hours after recovering from an intraday low below $0.18.
As of the time of writing (23:24 IST), the token was trading at around $0.21. Trading volume increased 43% over the same period to approximately $607 million, bringing its market capitalization to about $7.7 billion.
The latest advance extends a broader upward move that has developed over the past several days.
What is driving the rally?
Large holders have continued accumulating ADA in recent days. Earlier this week, blockchain analytics platform Santiment said that large holders bought more than 240 million ADA during the recent rise in price. After those purchases, the combined holdings of these large investors increased to about 14.5 billion ADA.
Whale accumulation is often monitored because large holders can influence market activity. However, Santiment noted that accumulation alone does not guarantee further price gains.
Two events investors are watching this week
Investors are also tracking two regulatory developments.
The first is the proposed CLARITY Act in the United States. Congress has limited time before its August recess to schedule a vote on the crypto market structure bill. While no procedural vote has been scheduled, lawmakers were still negotiating on Thursday after the White House reportedly began engaging with a bipartisan ethics proposal tied to the legislation.
The second development is expected on August 9, when Cardano is set to complete its 75-day seasoning period for regulated futures trading on the Chicago Mercantile Exchange (CME). Reaching this milestone could make ADA eligible for a spot exchange-traded fund (ETF), subject to regulatory approval.
While many investors see this as a positive step, any long-term price impact from a future ETF could be smaller than some people expect.
Cardano approaches key resistance
Traders are also watching Cardano’s price chart for signs of the next move. ADA is currently trading within a double bottom pattern, which typically forms after a long decline and is often seen as a sign that buyers may be starting to regain control.
Even so, the pattern does not promise a breakout, and the price could still move either higher or lower depending on market conditions. The chart also shows how the price broke through its recent resistance zone around $0.188–$0.190, which is now acting as immediate support and fueled the current surge.
Now, ADA is approaching its higher timeframe resistance level at $0.22; this level had previously failed to hold as support, leading to a deep push to the downside.
If the price can continue with its current momentum and break above this resistance level with a solid candle, it would confirm a valid market structure shift for the token, opening the path toward $0.288, where the next major resistance level lies.
If rejected, ADA could drop back to retest the $0.188–$0.190 support zone. Meanwhile, the Relative Strength Index (RSI) is currently at 71, indicating overbought conditions that could allow sellers to trigger a temporary pullback.
Also Read: Optimism Cuts OP Spending 35% in Year 4, Pivots to Enterprise
