Cardano Price Action Suggests Shift From Sell-Off to Accumulation

Cardano's recent price action has sparked speculation about whether it is shifting from a sell-off to an accumulation phase. According to 'The Boss', a pseudonymous analyst, buyers have defended a major demand zone of $0.1064-$0.1503 and maintained higher lows in recent trading sessions.

The development of this base could potentially turn into a broader recovery if current support holds and higher lows continue. This would strengthen the accumulation narrative and improve the overall market structure.

Whale activity has also increased, with large ADA holders accumulating nearly 70% of the circulating supply since February 2023. Retail exposure declined, which Santiment said could support the asset.

Institutional interest remains strong, with Cardano ETFs posting 16 straight months of net inflows, according to Blockworks. However, some market watchers remain cautious due to ADA's poor long-term performance.