Cardano whales buy the dip as ADA reclaims $0.211
Key takeaways
- Cardano slipped to around $0.210 after losing more than 7% this week.
- Whales holding between 10 million and 100 million ADA accumulated 160 million tokens since Sunday.
- ADA's long-to-short ratio fell to 0.74, indicating that bearish positions dominate the derivatives market.
Cardano is trading at $0.210 on Friday after declining more than 7% since the beginning of the week.
Despite the pullback, on-chain data shows that some large investors are accumulating ADA.
However, conflicting derivatives and on-chain signals suggest traders remain uncertain about whether the cryptocurrency can recover or extend its decline.
Cardano whales accumulate 160 million ADA
Santiment's Supply Distribution data shows that large Cardano holders have been buying ADA during the latest price correction.
Wallets holding between 10 million and 100 million ADA accumulated approximately 160 million tokens since Sunday. The purchases indicate that some whales continue to view the lower prices as a long-term buying opportunity.
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