Cardano (ADA) traded near $0.6426 on October 29, down 0.5% in 24 hours but still up 81.7% year-to-date. Analyst Ali Martinez (@ali_charts) believes that the worth of ADA could rise to $1.70 if it confirms a breakout above the $0.80 resistance zone that has limited the marketplace for months.
Source: X
The $0.80 resistance is essential
Cardano’s every day TradingView chart shows that the token has been consolidating inside a symmetrical triangle pattern because the first quarter of 2025. The structure features lower highs converging towards horizontal support near $0.55, forming a pressure zone that would soon result in a decisive move.
ADA/USD 1-day price chart with RSI and EMAs. Source: TradingView
At the present level of $0.64, ADA is trading below all major exponential moving averages (20-, 50-, 100-, and 200-day EMAs), which range between $0.68 and $0.76. The Relative Strength Index (RSI) near 40 indicates weak momentum but not yet oversold conditions. Historically, ADA rallied when the RSI rose from 40 to 50, meaning the following momentum shift could occur once the worth breaks above $0.70.
The analyst identifies $0.80 as the important thing resistance that might confirm the tip of the year-long consolidation. A every day close above this level could confirm the breakout of the symmetrical triangle and open a technical path towards $1.15-1.20 based on measured movement calculations.
However, failure to interrupt above $0.80 could extend 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 effect and renewed volume
Data from CoinGlass shows open interest at around $702 million, down from over $1 billion in September, indicating lower speculative exposure as traders wait for confirmation of the following trend. The -0.0038% funding rate suggests that short positions barely dominate the perpetual futures markets.
ADA Open Interest. Source: CoinGlass
Meanwhile, futures volume rose to $1.71 billion. This shows renewed activity, although still below the peaks of March and June.
At the identical time, open interest fell while volume remained stable. 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 bullish momentum in ADA price might be attributed to concrete network advancements, rising institutional interest, and aggressive whale accumulation throughout October.
Market sentiment strengthened on expectations surrounding the SEC's decision on Grayscale's ADA ETF, expected in late October. Analysts noted that an ETF with staking functionality could speed up institutional participation within the Cardano ecosystem. Corporate adoption also increased after Reliance Global Group disclosed the ADA holdings in its digital asset treasury. Separately, Brave Software integrated Cardano into its browser wallet on October 2nd. This allows users to oversee ADA and other native assets directly within the Brave ecosystem.
On a technical level, Cardano has accomplished the Hydra Node 1.0.0 upgrade. This marks readiness for Layer 2 scalability and reportedly increases theoretical throughput to 1 million transactions per second (TPS). The network processed over 1 million transactions within the 30 days 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 with 100 million to 1 billion ADA rose sharply to around 4.22 billion ADA. Those within the 10 to 100 million ADA range (yellow line) remain at around 13.06 billion ADA.
ADA coverage distribution chart. Source: Santiment
Meanwhile, mid-sized wallets holding 1-10 million ADA recovered to around 5.52 billion ADA after a two-month decline. Certainly, the synchronized accumulation in these cohorts suggests renewed confidence amongst each institutional and high net value investors.
