Solana (SOL) has recorded a massive surge in institutional interest in recent months, drawing speculation among traders on what this may mean for the price. As of July 4, Solana price was trading at $150 after gaining by nearly 6% in the last week. These gains have drawn questions about whether SOL may be headed
Cardano’s native token, ADA, is facing a notable price drop amid market uncertainty, mirroring the downturn seen across major cryptocurrencies. The volatility has shaken investor confidence, triggering millions of dollars in liquidations across both long and short positions.
For the past few days, the overall cryptocurrency market has witnessed a price surge followed by a drop. This pattern has been ongoing for the last couple of weeks, leaving investors and traders confused.
Current Price Momentum
ADA is currently trading near $0.72 and has recorded a 2% price drop in the past 24 hours. However, during the same period, its trading volume declined by 25%, indicating lower participation from traders and investors compared to the previous day.
Cardano (ADA) Technical Analysis and Upcoming Levels
With notable price fluctuations in recent days, ADA appears to be forming a symmetrical triangle pattern on the four-hour timeframe.
Source: Trading View
Based on the recent price momentum, if the asset breaks out of the pattern and closes a four-hour candle above the $0.74 level, there is a strong possibility it could soar by 13% to reach $0.83 in the near future.
Besides this short-term price prediction, if the asset breaks down from the pattern and falls below $0.70, it could decline to the crucial support level of $0.65 in the coming days.
Based on expert analysis, a potential breakout or breakdown will determine the price direction in the coming days.
Major Liquidation Areas
At press time, traders seem to be strongly betting on the bearish side, as reported by the on-chain analytics firm Coinglass. Data reveals that traders are currently over-leveraged at $0.71, with $2.61 million worth of long positions. Meanwhile, $0.73 is another over-leveraged level, where traders have built $4.20 million worth of short positions.
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Cardano’s native token, ADA, is facing a notable price drop amid market uncertainty, mirroring the downturn seen across major cryptocurrencies. The volatility has shaken investor confidence, triggering millions of dollars in liquidations across both long and short positions. For the past few days, the overall cryptocurrency market has witnessed a price surge followed by a …
Cardano (ADA) is down more than 6% on Thursday but remains up nearly 40% over the past seven days. After surging to $1.15 following its inclusion in the US crypto strategic reserve, ADA has struggled to stay above $1 in recent days.
Some users are now questioning its inclusion in the reserve, raising concerns about its price. With whale accumulation slowing and resistance at $1 proving difficult to break, ADA’s next move will depend on whether bullish momentum can return or if selling pressure pushes it lower.
ADA ADX Shows The Uptrend Is Still Strong, But It’s Not As Strong As Before
Despite the decline in ADX, it remains above the 25 threshold, indicating that the ongoing uptrend still has strength, though momentum has slightly weakened.
The Average Directional Index (ADX) measures trend strength on a scale from 0 to 100, with readings above 25 signaling a strong trend and values below 20 suggesting weak or nonexistent momentum.
With ADA in an uptrend and ADX at 32.5, the trend remains intact but may not be as strong as it was three days ago.
If ADX continues to decline, the trend could lose momentum, leading to a potential slowdown or consolidation. However, if ADX stabilizes or rises again, ADA could maintain its upward trajectory and push toward new resistance levels.
Cardano Whales Are Not Accumulating
The number of Cardano whales – addresses holding between 1 million and 10 million ADA – has declined slightly in the past few days after a strong increase between March 1 and March 4, when it rose from 2,442 to 2,471.
Addresses Holding Between 1 Million and 10 Million ADA. Source: Santiment.
Tracking these whales is important because large holders can influence market liquidity, volatility, and price trends. A rising number of whales often signals accumulation, which can drive prices higher, while a decline suggests potential profit-taking or reduced confidence.
With the current whale count slightly below its recent surge, ADA’s recent uptrend could slow if more large holders begin selling. However, if accumulation resumes, it could support continued price gains.
Will Cardano Test $1 Soon?
Cardano’s EMA lines indicate a bullish trend, with short-term EMAs positioned above long-term ones.
However, despite this positive setup, Cardano price has struggled to break above $1 in recent days after a sharp correction following its 71% surge on March 2. This suggests that while momentum remains intact, resistance at $1 is proving difficult to overcome.
If the current uptrend reverses into a downtrend, ADA could test support at $0.818, with a break below that level potentially leading to $0.75. A stronger selloff could push the price as low as $0.63 or even $0.58.
On the other hand, if ADA regains momentum, it could test $1 again, and a breakout above this key resistance could send the price toward $1.17, a level it nearly reached during the March 2 surge.
Token unlocks have the power to move markets. They inject fresh liquidity, trigger price swings, and influence investors’ feelings about a project. During these events, projects release previously locked tokens, making them available for public trading.
This week, three major projects are stepping into the spotlight—Scroll (SCR), Plume Network (PLUME), and Altlayer (ALT)—as they prepare to release a wave of tokens into circulation.
Scroll (SCR)
Unlock Date: April 22
Number of Tokens to be Unlocked: 40 million SCR (4% of Total Supply)
Current Circulating Supply: 190 million
Total supply: 1 billion SCR
Scroll is a Layer 2 solution that boosts Ethereum’s scalability and efficiency. It uses zkRollup technology to lower transaction costs and increase throughput, helping ease issues like high gas fees and congestion.
On April 22, 40 million SCR tokens, valued at about $9.2 million, will be unlocked. This unlock could introduce added liquidity to the market and maybe renewed interest in Scroll.
Number of Tokens to be Unlocked: 108.34 million PLUME (1.08% of Total Supply)
Current Circulating Supply: 2 billion
Total supply: 10 billion Plume
Plume Network is a Layer 1 blockchain that brings real-world assets onto the chain. From fine art to green energy, it enables diverse asset-backed investments with fast, low-cost transactions. The network seamlessly integrates these assets into a composable RWAfi ecosystem, enhancing their utility and enabling broader financial interactions.
The April 21 unlock will consist of over 108 million PLUME tokens valued at about $17.82 million at press time. Early backers and contributors will receive the majority of these tokens, while the team will allocate 7% for a community airdrop.
Number of Tokens to be Unlocked: 240.80 million ALT (2.41% of Total Supply)
Current Circulating Supply: 3.03 billion
Total supply: 10 billion ALT
AltLayer is a project focusing on enhancing blockchain scalability through Restaked Rollups. It uses “Restaked Rollups,” integrating existing rollup stacks like OP Stack and Arbitrum Orbit with EigenLayer’s restaking mechanism for improved security and decentralization.
On April 25, AltLayer will unlock 240 million ALT tokens, releasing approximately $6.5 million worth into the market. This unlock could introduce added liquidity to the market and maybe renewed interest in Altlayer. The network will allocate the majority of these tokens to the Foundation, and for protocol development.