Cardano’s ADA has seen a remarkable 34.48% surge in its price, setting the stage for a potential test of the $0.4671 resistance level. Despite this bullish momentum, metrics are showing mixed signals, with large transactions hinting at further upward movement.
Since July 6th, Cardano has experienced a significant increase in price, breaking through the $0.4260 resistance level. This breakthrough suggests a possible push towards the next resistance level at $0.4671. However, a 4.5% pullback on July 14th saw ADA retesting the $0.4260 level, which may now act as a support level.
Data from IntoTheBlock shows that 34% of ADA addresses are currently in profit, while 61% remain out of the money. This imbalance could lead to selling pressure as holders try to minimize losses, but it also presents a buying opportunity for those anticipating further gains. Large holders account for 28% of ADA, indicating that whale behavior could have a significant impact on price movements.
Additionally, there has been a high volume of large transactions totaling $28.19 billion in the past week, suggesting strong institutional interest in Cardano. The network growth remains steady at 0.13%, with 10.94% of HODLers in profit at present.
Coinglass data shows fluctuations over the past 24 hours, with periods of bullish dominance followed by bearish reversals. Currently, there is a spike in long positions, indicating steady momentum as the market awaits further direction.
As Cardano nears the $0.4671 resistance level, investors should monitor for continued momentum or signs of exhaustion. The recent pullback to $0.4260 could either pave the way for further gains or signal a more significant retracement to lower support levels.