ADA has recovered sharply from its June 23 bottom, and several on-chain and derivatives metrics are now in focus. Everstake said the Cardano network added 14,783 new non-empty wallets since that low, while ADA’s price moved back toward the $0.20 area over the same stretch. The staking provider said the increase points to renewed interest across the Cardano ecosystem.
Short-term technical readings have also improved. TradingView data shows ADA moved back above its 50-day moving average after an extended bearish period, a shift that often signals stronger near-term buying momentum. At the same time, the RSI stands at 58, indicating buying pressure remains healthy without entering overbought territory.
New wallet additions stand out on-chain
Growth in non-empty wallets is closely tracked because it can reflect actual holding and usage across the network. Everstake said the addition of 14,783 such wallets since June 23 shows a fresh rise in interest around Cardano. For market participants, an expanding base of active wallets can influence views on longer-term participation.
On-chain data does not determine price by itself. Still, during recovery periods, wallet growth is often used as a supporting signal. After a broad pullback, traders tend to compare address activity with spot price strength to judge whether the rebound has depth behind it.
The $0.19 to $0.20 zone remains the near-term test
Based on the figures cited in the report, ADA was trading around $0.1834, down 3.22% over the past 24 hours. Even with the move above the 50-day average, the token remains below its 200-day moving average, showing that the broader downtrend has not been reversed yet. The market is watching nearby resistance at $0.19 to $0.20, while the first major support sits near $0.17.
If ADA fails to clear $0.20 with conviction, the rebound may struggle to extend. If the price drops and loses $0.17, short-term pressure could build again. That range has become the key battleground.
Rising open interest points to higher volatility risk
Activity in derivatives markets is adding another layer to the setup. CoinGlass data shows a sharp increase in open interest for Cardano, and that move has come alongside the price rebound. Open interest measures the total number of unsettled futures and derivatives contracts, and traders often read rising levels as a sign that new capital is entering the market.
The report also cited DeFiLlama data, noting that stronger on-chain activity and improving technical signals may indicate fresh buying appetite. But higher open interest can also mean heavier leverage. If momentum fades, price swings can accelerate in either direction. For now, trading volume and ADA’s ability to break through and hold above $0.20 remain the main signals under watch.