Cardano's Price Surge Sparks Accumulation Hopes
Cardano's (ADA) price has been on the rise over the past few days, climbing 4% in the last 24 hours to above $0.17. This uptick has pushed its monthly gains to around 12%. The asset has been experiencing a more constructive accumulation phase, according to pseudonymous analyst 'The Boss'.
The analysis pointed to higher lows in recent trading sessions rather than new breakdowns, and buyers have continued to defend a major demand zone of $0.1064-$0.1503. A short-term ascending trendline is also keeping the recovery structure intact.
Furthermore, whale activity has picked up, with large ADA holders increasing their combined holdings to 25.6 billion tokens, nearly 70% of the circulating supply and the highest level since February 2023. Retail exposure has declined, a mix that Santiment said could support the asset. Larger investors may be positioning for another move higher.
Institutional interest also appears to be holding up, with Cardano ETFs posting 16 straight months of net inflows. Despite its poor long-term performance, Charles Hoskinson remains positive about the ecosystem's future, citing a shift towards greater importance on security and governance.