Significant Accumulation by Large Holders
Large Cardano holders have accumulated more than 210 million ADA tokens over the past three weeks, according to blockchain data shared by analyst Ali Martinez. This accumulation occurred during a period of price weakness for the cryptocurrency, with market pressure increasing amid renewed tensions between the European Union and the United States, contributing to a pullback across digital assets. The buying activity by large wallets took place while prices remained under pressure. Exchange reserves have decreased slightly, indicating reduced supply available for immediate trading, according to on-chain data.
Technical and On-Chain Indicators
Cardano is currently trading near the bottom edge of a symmetrical triangle pattern on the weekly chart, positioned near a long-tested support zone. The nine-week exponential moving average is positioned above the current price, with the token trading below it. The weekly relative strength index stands near levels historically associated with short-term recoveries. Data shows the open interest-weighted funding rate for Cardano has fluctuated between positive and negative in recent weeks. Negative funding rates typically occur when traders expect continued downward movement.
Foundation Backs New Adoption Initiative
The Cardano Foundation announced support for a proposal by Draper Dragon and Draper University. The plan involves establishing a fund focused on expanding Cardano’s adoption through investments, capital deployment, and education, with returns directed to the Cardano treasury.
Upcoming Cardano Futures on CME Group
CME Group is preparing to introduce Cardano futures, pending regulatory clearance. The move would place Cardano alongside other major altcoins available in the U.S. derivatives market.