Cardano (ADA) is the best performer among the leading cryptocurrencies, up 10% in the last 24 hours. The coin is currently trading at $0.28 and looks to close the daily candle above the descending trendline. On-chain and derivatives data paint a bullish scenario, with large wallets increasing their ADA exposure alongside rising Open Interest (OI) and positive funding rates. Whales increase exposure to Cardano ADA has outperformed other major cryptocurrencies thanks to its ongoing rally. The rally is fueled by growing institutional and retail demand. Santiment’s Supply Distribution data supports a bullish outlook for Cardano. On-chain data shows that certain whales are accumulating ADA tokens during recent dips.
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