• ADA’s Long/Short Ratio stood at 1.04, indicating a strong bullish sentiment among traders.
• Cardano (ADA) could soar by 25% to reach the $1.24 mark if it closes a daily candle above $1.

Cardano [ADA], has garnered significant attention from crypto enthusiasts following its impressive price recovery over the past 24 hours.

In addition to ADA, other major cryptocurrencies have also experienced price recoveries after notable declines in recent days.

$151M ADA outflow signals growing confidence

However, data from the on-chain analytics firm Coinglass revealed that despite a continuous price decline of over 30% in the past few days, long-term holders appear to be accumulating tokens and taking advantage of the price drop.

ADA’s Spot Inflow/Outflow data shows that exchanges across the cryptocurrency landscape have witnessed a significant outflow of $150.89 million worth of ADA.