The accumulation phase refers to a period in which an investor gradually builds up their holdings or positions within a particular security, asset class, or market. This is typically done through regular purchases over time with the goal of increasing the overall value of the position. The accumulation phase can occur before a significant price increase, as investors buy into the asset in anticipation of future growth. It can also happen after a decline in prices, where investors see an opportunity to purchase more shares at lower levels and gradually build up their holdings over time.