Cardano Price Climbs 12%, Shifting From Sell-Off to Accumulation?

Cardano's price has been steadily increasing, climbing from $0.164 to above $0.17 over the past 24 hours and pushing its monthly gains to around 12%. This uptick comes after a few choppy sessions earlier in the week.

The cryptocurrency asset is showing signs of shifting from a sell-off phase to accumulation, according to pseudonymous analyst 'The Boss'. The analysis points to higher lows in recent trading sessions rather than new breakdowns, indicating that buyers are defending a major demand zone and maintaining an ascending trendline.

Whale activity has also picked up, with large ADA holders increasing their combined holdings to 25.6 billion tokens, nearly 70% of the circulating supply, since February 2023. Retail exposure declined, which could support the asset, according to Santiment.

Institutional interest is holding up as well, with Cardano ETFs posting 16 straight months of net inflows, according to Blockworks.