🔵 Cardano Sees 977% Liquidation Imbalance Amid Price Surge
In the last 24 hours, the crypto market faced liquidations totaling $422.9 million from 136,253 traders, with Cardano (ADA) among the most affected. A major imbalance has emerged between long and short positions on ADA.
🔸 Long Positions Bear the Brunt
Cardano recorded $7.17 million in liquidations, with long positions accounting for $6.56 million, while shorts saw only $609,300 in liquidations. This reflects a massive 977% disparity between longs and shorts — highlighting a $5.95 million gap — sparking concern about increased sell pressure.
Despite this, ADA’s price is climbing. At the time of writing, ADA is trading at $0.78, up 1.4% in the past 24 hours. Trading volume also surged over 36% to $1.2 billion, reflecting rising market interest.
🔸 Will ADA Hit $1 Soon?
ADA has tested the $1 threshold multiple times recently but struggled to maintain momentum beyond $0.80. On July 21, ADA peaked at $0.935 but dropped back, hitting a lower high of $0.856 on July 28. Analysts point to profit-taking as a key factor stalling further gains.
Currently, ADA is trading above the 50-day and 200-day SMAs at $0.674 and $0.739 respectively, showing bullish strength. A breakout above $0.86 could pave the way toward $0.90–$0.95, possibly leading to a $1 retest.
Adding to the bullish sentiment, large holders recently transferred over 271 million ADA from Coinbase to unknown wallets — a sign of confidence in an upcoming price move.
