Cardano Bulls Gain Strength as ADA Nears Key Breakout
Cardano's ADA price has been steadily rising over the past two weeks, fueled by steady accumulation among large wallet holders and improving derivatives indicators. According to Invezz, the token traded above $0.196 on Monday after posting double-digit gains. This uptrend is supported by Santiment's Supply Distribution data, which shows that large Cardano holders have continued buying ADA during the latest price recovery.
The buying activity suggests that whales are using price weakness to increase their exposure rather than reducing their holdings. Since Friday, wallets holding between 1 million and 10 million ADA and those controlling between 10 million and 100 million ADA accumulated a combined 110 million tokens.
The derivatives market is also showing signs of improving bullish sentiment. CoinGlass data shows that ADA's Open Interest-weighted funding rate turned positive on Saturday and stood at 0.0038% on Monday, indicating that traders holding long positions are paying those with short positions.