"ADA Whales Accumulate in Market Downturn, Bulls Dominate Despite Price Drop"

Crypto investors and traders are seizing the recent market downturn as an opportunity to accumulate digital assets, with Cardano's ADA token emerging as a favored choice among whales, according to on-chain analytics firm Coinglass.

In the past 48 hours, exchanges have witnessed a significant $10 million outflow of ADA, suggesting potential accumulation and a classic "buy the dip" scenario. This substantial outflow from exchanges can create buying pressure and drive further upside momentum in the current market situation.

Traders holding long positions appear to be dominating ADA's market sentiment. Despite today's bearish pattern, intraday traders with long positions are currently in control and are over-leveraged at $0.76, holding $2.05 million worth of long positions. Conversely, traders holding short positions are over-leveraged at $0.779, with $1.13 million worth of short positions.

Combining these on-chain metrics, it seems that bulls are currently dominating and appear to be supporting ADA in its next move. This bullish sentiment aligns with the prediction made by a prominent crypto expert on X (formerly Twitter), who noted that ADA looks ready to rebound, as the key technical indicator TD Sequential flashes a buy signal for the token.

Despite these bullish on-chain metrics, ADA is currently trading near $0.77 and has experienced a price drop of over 2.35% in the past 24 hours. However, during the same period, its trading volume dropped by 15.5%, indicating lower participation from traders and investors compared to the previous day.