Cardano's ADA Fails to Hold onto Gains as Market Reverses Course

The cryptocurrency market opened the week on a bullish note, with Bitcoin and Ether reaching new monthly highs. However, the market has since reversed, with most cryptocurrencies, including Cardano's ADA, experiencing a decline.

According to derivatives data, traders are exhibiting a near-term risk-off sentiment, with a decrease in the number of long positions being held. On-chain data, however, shows that whales are accumulating ADA for the long term, which could indicate a potential rebound.