Cardano Bulls Stage Comeback, Sending Short-Sellers Running
Cardano bulls have staged an impressive comeback, forcing short-sellers to cover their positions and sparking a multi-million dollar short squeeze. According to blockchain explorer data from Santiment, big-time crypto investors - known as 'crypto whales' - allocated 240 million tokens in just five days.
This massive influx of capital triggered Cardano's (ADA) price surge, pushing it up by 25%. The altcoin has reclaimed its spot among the top 15 by global market capitalization, surpassing Monero (XMR). Prominent technical analyst Ali Martinez notes that this uptick also prompted a cascade of short-position liquidations on Futures markets.
Cardano's Open Interest has seen a significant increase, with a solid long versus short ratio of 1.07 hinting at trader optimism for further price gains. The altcoin's biggest safety margin currently sits at $0.17, while the vertical play begins above this level.