Cardano Breaks Above Key Support Zone

Cardano (ADA) has continued its upward momentum, trading above $0.224 on Friday after finding support around a key zone earlier in the week.

The bullish sentiment is bolstered by improving derivatives positioning and accumulation of ADA by certain large-wallet holders, also known as whales.

A CoinGlass analysis shows that long-to-short ratio for ADA has risen to 1.10, nearing its highest level over a month, indicating a strong bias towards buying.

Additionally, the funding rates have flipped positive, with an OI-weighted rate of 0.0087% on Friday, suggesting longs are paying shorts and supporting a bullish outlook.