Cardano (ADA) traded near $0.6426 on Oct. 29, down 0.5% in 24 hours but still up 81.7% year-to-date. Analyst Ali Martinez (@ali_charts) believes ADA’s price could rally as high as $1.70, provided it confirms a breakout above the $0.80 resistance zone that has capped the market for months.
$0.80 Resistance Holds the Key
Cardano’s daily TradingView chart shows the token consolidating within a symmetrical triangle pattern since the first quarter of 2025. The structure features lower highs converging toward a horizontal support near $0.55, forming a pressure zone that could soon lead to a decisive move.
At its current level of $0.64, ADA trades below all key exponential moving averages (20-, 50-, 100-, and 200-day EMAs), which cluster between $0.68 and $0.76. The Relative Strength Index (RSI) near 40 indicates weak momentum but not yet oversold conditions. Historically, ADA has rebounded when RSI moves from 40 to 50, implying the next momentum shift could occur once the price clears $0.70.
The analyst identifies $0.80 as the crucial resistance that would confirm the end of the year-long consolidation. A daily close above that level could validate the symmetrical triangle breakout, opening a technical path toward $1.15–$1.20 based on measured-move calculations.
Failure to breach $0.80, however, could prolong the consolidation or trigger a retest of the $0.60–$0.55 support area, which has historically attracted strong buy-side volume.
Derivatives Metrics Show Cooling Leverage, Renewed Volume
Data from CoinGlass shows open interest around $702 million, down from over $1 billion in September, showing reduced speculative exposure as traders wait for confirmation of the next trend. The funding rate at -0.0038% indicates that short positions slightly dominate perpetual futures markets.
Meanwhile, Futures volume rose to $1.71 billion. This shows renewed activity, though still below March and June peaks.
At the same time, open interest fell while volume stayed steady. This pattern signals a shift from short-term speculation to medium-term positioning ahead of expected network and regulatory events.
Key Bullish Fundamentals for Cardano
The recent upside momentum in ADA price stems from tangible network progress, rising institutional interest, and aggressive whale accumulation throughout October.
Market sentiment strengthened on expectations surrounding the SEC’s ruling on Grayscale’s ADA ETF, anticipated in late October. Analysts noted that an ETF with staking functionality could accelerate institutional participation in the Cardano ecosystem. Corporate adoption also expanded after Reliance Global Group disclosed ADA holdings in its digital asset treasury. Separately, Brave Software’s integration of Cardano into its browser wallet on Oct. 2. This enables users to manage ADA and other native assets directly within the Brave ecosystem.
On the technical front, Cardano completed the Hydra Node 1.0.0 upgrade. This marks readiness for Layer-2 scalability and reportedly boosts theoretical throughput to 1 million transactions per second (TPS). The network processed over 1 million transactions in the 30 days leading up to early October, showing sustained usage amid broader market consolidation.
On-chain data from Santiment confirms that whale wallets have steadily increased their ADA holdings through October.
Addresses holding 100 million–1 billion ADA rose sharply to about 4.22 billion ADA. Those in the 10–100 million ADA range (yellow line) remain near 13.06 billion ADA.
Meanwhile, mid-tier wallets holding 1–10 million ADA recovered to roughly 5.52 billion ADA after a two-month decline. Certainly, the synchronized accumulation across these cohorts indicates renewed confidence among both institutional and high-net-worth investor.
