Cardano whales accumulate 160 million ADA amid price pullback

Cardano (ADA) has experienced a price pullback, trading around $0.21 after a decline of more than 7% this week and a 16% drop from its recent local high of $0.25. Despite this volatility, on-chain data indicates significant accumulation by large investors. Wallets holding between 10 million and 100 million ADA have reportedly accumulated approximately 160 million tokens since Sunday, suggesting that whales view the current price as a long-term buying opportunity.

Market indicators present a mixed outlook. The long-to-short ratio has fallen, indicating that bearish positions currently dominate the derivatives market. However, technical analysts point to several potential bullish signals, including the Relative Strength Index (RSI) approaching oversold territory and exchange netflows showing outflows that may reduce immediate selling pressure. Some analysts suggest that a weekly close above the $0.21 level could signal a new upward trend.