Cardano ADA Rebounds on Accumulation Signs

Cardano (ADA) has been on an upward trajectory over the past 24 hours, increasing by 4% to reach above $0.17 from its previous value of around $0.164.

This recent uptick has pushed ADA's monthly gains to approximately 12%, and analysts believe this could be a sign that the asset is shifting from a sell-off to accumulation phase.

Buyers have defended a major demand zone of $0.1064-$0.1503, and a short-term ascending trendline is keeping the recovery structure intact.

Large ADA holders, known as whales, have increased their combined holdings to 25.6 billion tokens, which accounts for nearly 70% of the circulating supply and the highest level since February 2023.

This accumulation by larger investors suggests they may be positioning for another move higher, further supporting the accumulation narrative.