Cardano Whales Buy Dip as ADA Reclaims $0.211

Cardano has seen some whales accumulating ADA during its recent price correction. The altcoin slipped to around $0.210 after losing more than 7% this week, but on-chain data suggests that large investors are buying into the dip.

Santiment's Supply Distribution data shows that wallets holding between 10 million and 100 million ADA have accumulated approximately 160 million tokens since Sunday. This indicates that some whales view the lower prices as a long-term buying opportunity.

However, conflicting derivatives and on-chain signals suggest traders remain uncertain about Cardano's short-term direction. The token's long-to-short ratio fell to 0.74, indicating bearish positions dominate the derivatives market. Nevertheless, the funding rate has turned positive, with a reading of 0.0013%.

Cardano remains above its 50-day and 100-day Exponential Moving Averages at $0.190 and $0.197, respectively. Holding above these averages gives ADA a slightly bullish short-term bias, although the token continues to trade below significant overhead resistance.