Cardano's ADA Price Surges on Bullish Sentiment and Whale Activity

Cardano Breaks Out of Descending Channel

Cardano's ADA price has experienced a notable surge in recent days, breaking out of a long-term descending channel. This upward momentum is driven by renewed optimism within the broader crypto space and strong technical indicators. The sentiment shift is largely attributed to the passage of the “GENIUS and CLARITY” bills and the bullish remarks made by Cardano founder Charles Hoskinson. Hoskinson predicted that the broader crypto market is on a path toward a $10 trillion valuation, with U.S.-based projects like Cardano forming the core of this growth.

Whale Activity and Technical Indicators

Hoskinson's statements have resonated with large investors, leading to a significant increase in whale activity on the Cardano network. Over 137 transactions of over $1 million each were recorded in the last 24 hours, indicating rising confidence among big players and suggesting strategic accumulation. On the technical front, the Cardano price has broken out of its long-term descending channel this July, with the bull run ongoing. The asset most recently spiked to $0.90, breaking past May’s high. Although it has slightly retraced, it is currently sustaining levels near $0.827, with a market capitalization of around $29.48 billion.

Bullish Trends and Potential Rally

Supporting this bullish setup, DeFiLlama data shows that Cardano crypto’s total value locked (TVL) has climbed to $374.54 million, nearing the highs last seen in mid-May. Moreover, its 24-hour DEX volume has been on the rise throughout July, and the weekly stablecoin market cap has also rebounded slightly to $32.14 billion from a low of $31.09 billion. These trends indicate growing liquidity and a gradual return of investor activity to the ADA ecosystem. Several technical indicators confirm that ADA may be entering a high-momentum phase. A golden cross between the 20-day and 50-day EMA signals trend reversal. The MACD line and signal line also reflect a golden cross with a rising histogram at 0.022.