Cardano breaks $0.90 – But ADA faces major $1 liquidity test
Main Idea
Cardano (ADA) has surpassed $0.90 resistance and is approaching the $1 mark, driven by increased social volume, whale activity, and a Grayscale ETF filing, but faces potential short-term liquidity challenges due to leverage-driven growth.
Key Points
1. Cardano (ADA) broke past $0.90 resistance after five months, with social volume surging by over 20k, indicating strong market interest.
2. Whale activity has intensified, with $100k+ transactions jumping from 86 to over 1,000 in a week, signaling heavy accumulation and potential short-term liquidity squeezes.
3. ADA is outperforming Bitcoin (BTC) and other L1 peers, with a 15%+ 24-hour surge and a five-month high in the ADA/BTC ratio.
4. Cardano's Open Interest surged 25%+ to $1.88 billion, suggesting the price movement is leverage-driven rather than spot-led.
5. Despite strong performance, ADA has yet to breach the $1 supply cluster, with on-chain and derivatives data indicating a potential short-term squeeze.
Description
Can Cardano escape a leverage-fueled feedback loop?
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