Cardano Price Sees Surge as Whale Wallets Accumulate ADA Tokens

Cardano's price has been steadily increasing over the past few days, with a 3-4% gain in the past 24 hours. This surge can be attributed to whale wallets accumulating large amounts of ADA tokens. According to on-chain data from Santiment, wallets holding between 1 million and 10 million ADA added 60 million tokens between Friday and Monday.

The market cap is near $10 billion, with a trading volume of just under $390 million. This places Cardano at the 13th position among cryptocurrencies by size.

The futures open interest on Binance has climbed to $104.63 million, indicating that new money is entering the market. The funding rates have also turned positive, which is a sign of bullish market bias. However, the price remains below its 50-day and 100-day exponential moving averages, representing overhead resistance.

The Midnight mainnet launch is expected before the end of March, and it is anticipated to bring significant changes to the Cardano network. This event could potentially drive the price up further, especially with over 100 partnerships already in place.