Cardano (ADA) Price: Token Climbs Higher as Whales Accumulate 240M Tokens

TLDR

• Cardano (ADA) is trading at around $0.28–$0.285, struggling to break above the $0.29 resistance level
• Futures open interest has fallen to $436 million, reflecting reduced investor participation
• Funding rates turned negative, suggesting more traders are betting on a price decline
• Whale wallets accumulated 240 million ADA since February 11, showing some buyer interest at lower prices
• Social dominance for ADA has been trending down since December, pointing to fading public interest

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Cardano (ADA) is trading at around $0.28 on Wednesday, February 18, after failing to push past a key resistance level over the weekend.

Cardano (ADA) Price

The price was rejected at the 38.2% Fibonacci retracement level of $0.29 on Sunday, dropping 4.47% that day. ADA has stayed close to $0.28 since then.

According to CoinMarketCap, ADA was last seen at $0.2853, up 1.25% on the day. Its market cap sits at $10.27 billion, with 24-hour trading volume around $389.86 million.

Cardano futures Open Interest (OI) has dropped to $436 million, down steadily since mid-January and approaching the February 12 low of $407 million. Lower OI typically reflects fewer active traders in the market.

Source: Coinglass

Funding rates on Cardano futures have also turned negative, sitting at -0.0130% according to Coinglass. This means more traders are betting on a price decline than a recovery. The last time rates were this low was around February 6, when ADA dropped sharply.

Whale Accumulation Offers Some Support

Not all the data points downward. On-chain data from Santiment shows that whale wallets holding between 1 million and 100 million ADA have accumulated a combined 240 million ADA tokens since February 11.

Source: Santiment

This type of buying at lower price levels can sometimes act as a floor for the market, though it has not yet translated into upward price movement.

Social dominance for ADA, which tracks how much of crypto media discussion involves Cardano, has been falling since late December. It hit 0.038% on Wednesday, indicating that public interest and online conversation around ADA continues to shrink.

Key Price Levels to Watch

On the technical side, the Relative Strength Index (RSI) reads 44, below the neutral level of 50, pointing to bearish momentum. However, the MACD showed a bullish crossover on February 13 that remains in place.

Pivot point data puts support levels at $0.2806, $0.2744, and $0.2702. Resistance sits at $0.2910, $0.2952, and $0.3013.

If ADA breaks below support, the next key level to watch is $0.24. A daily close above $0.29 could open the door toward the 50-day EMA at $0.32.

Longer-term projections from CoinCodex place the 200-day SMA at $0.5508 and the 50-day SMA at $0.3465.

ADA is currently trading at $0.2853, up 1.25% on the day.

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