Cardano Whales Pile In as Price Ticks Closer to $0.20

Cardano's price is hovering around $0.1964 at 3:58 UTC on August 4, up 5.9% over the past 24 hours and just 1.8% shy of the critical $0.20 level.

The largest wallets holding between 100 million and 1 billion ADA have been buying more tokens into this move, with over 240 million ADA purchased since August 3, according to DMarketForces.

This accumulation is happening against a thin float of sellers near $0.20, as most of the supply that wanted out sold weeks ago at lower levels.

The derivatives market is also showing signs of rebuilding exposure, with open interest reaching $448 million and funding rates improving from negative prints.