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- Ali Martinez shared on X that whales snapped up more than 200 million ADA within two days just after the Midnight airdrop.
- The move is sparking debate over whether it signals preparation for an upcoming price rally driven by progress in the Cardano network.
The mood around Cardano (ADA) is turning increasingly bullish. Big-money players, whales, are making moves again. Popular cryptocurrency analyst Ali Martinez shared on X that whales have snapped up over 200 million ADA in the last 48 hours.
In a follow-up post, he noted that
Cardano is mirroring the price structure of its last cycle, but unfolding more slowly. It looks like we’re at the very start of an explosive move.
At the time of writing, ADA is trading around $0.8048, holding its spot as the 10th-largest cryptocurrency with a market cap of nearly $28 billion. While trading volume has dipped 10% over the past day to about $1.1 billion, ADA still posted an 8.93% gain over the last week.
According to data from Coinglass, Cardano’s total trading volume currently sits at $2.22 billion, marking a 17.06% drop. Open interest, the value of outstanding futures contracts, has edged up slightly to $1.39 billion, a 0.41% increase that stands out given the recent market activity.
On the options side, things are much quieter, with options volume plunging 92.94% to just $6,590, while options open interest has dipped a modest 0.27% to $374,920.
With whales quietly building their positions, the big question is whether Cardano is gearing up for its next major bull run. Technical indicators show ADA pressing against a key resistance level at $0.84. A clean breakout here could pave the way to $0.93, matching the July 21 high, according to CNF.
Traders are watching this zone closely; a strong daily close above $0.84 could set the stage for another push higher. On the flip side, if ADA can’t break through, it may pull back toward the 61.8% Fibonacci retracement level at $0.77. Crypto analyst Javon Marks sees plenty of upside potential, saying:
Cardano looks to be set for another +52% increase from here back to the $1.20+ levels based on similar previous breakouts and results! This could all be part of a much larger run to the $2.90s, which is currently over +261% away.
NIGHT Token Airdrop Launches
In a previous report, we highlighted that ADA’s social activity level is high. One of the reasons? Cardano’s privacy-focused sidechain, Midnight Network, officially launched its long-awaited NIGHT token airdrop, the “Glacier Drop.”
This massive giveaway is targeting 30 million wallets across eight major blockchain ecosystems, including Bitcoin, Ethereum, Cardano, Solana, BNB Chain, Avalanche, XRP Ledger, and Brave.
The airdrop went live on August 5, and so far, more than 470 million NIGHT tokens have already been claimed. Participants have a 60-day claim window that closes on October 4. Eligibility was determined from a July 11 snapshot, which selected users holding at least $100 in native assets. Cardano wallets received the biggest portion of the drop, taking 50% of the total allocation.
In other developments, the Cardano community approved $71 million in treasury funding for key network upgrades, including the Hydra layer-2 scaling solution and the Ouroboros Leios consensus upgrade. Earlier, Grayscale filed for a Cardano exchange-traded fund (ETF) with the New York Stock Exchange (NYSE).
With the evolving regulatory environment, excitement is building in the markets, and prediction platform Polymarket now puts the odds of a spot ADA ETF launching in the U.S. in 2025 at 79%.
