Cardano Price Surges as Accumulation Narrative Gains Momentum
Cardano's price has been on an upward trend, increasing by 4% over the past 24 hours and pushing its monthly gains to around 12%. The asset climbed from $0.164 to above $0.17.
Pseudonymous analyst 'The Boss' believes that Cardano may be shifting from a panic-driven sell-off to a more constructive accumulation phase, citing higher lows in recent trading sessions rather than new breakdowns.
The buyers have continued to defend a major demand zone of $0.1064-$0.1503, while a short-term ascending trendline is keeping the recovery structure intact. The asset is also compressing below overhead resistance, indicating that the market is looking for its next directional move rather than extending the earlier decline.
Whale activity has also picked up, with large $ADA holders increasing their combined holdings to 25.6 billion tokens, which is nearly 70% of the circulating supply and the highest level since February 2023. This, along with declining retail exposure, could support the asset's price.