Cardano Extends Gains as Whale Accumulation Fuels Bullish Sentiment

Cardano's price has extended its gains, reaching $0.224 on Friday after retesting and finding support around a key support zone earlier in the week.

The bullish sentiment is fueled by improving derivatives positioning and accumulation by certain whale wallets.

According to CoinGlass' long-to-short ratio for ADA, the token's derivatives metrics show a strong bullish outlook, with a reading of 1.10 on Friday, nearing the highest level over a month.

The long-to-short ratio above one indicates that more traders are betting on Cardano to rally.

CoinGlass' OI-weighted funding rate data for Cardano also points to a strengthening outlook, flipping positive on Sunday and reading 0.0087% on Friday.