thecryptobasic.com 
Recent whale on-chain activity underscores that large market players remain keen on Cardano, even as its price underperforms.
Cardano ($ADA) has spent much of the past six months under pressure, sliding roughly 71% from its previous highs. Yet beneath the weak price action, on-chain data suggests a bullish trend is unfolding, one that points to steady accumulation by the network’s largest wallets.
Key Points
- Recent whale on-chain activity shows that large market players remain keen on Cardano, even as its price underperforms.
- Over the last six months, addresses commonly labeled as whales and sharks have added about 819 million $ADA, worth roughly $239 million at current prices.
- With this accumulation, they now hold over 25.35 billion $ADA tokens, representing 68.44% of the asset’s supply.
- The move suggests conviction that $ADA would recover from this setback in the mid- to long term.
- $ADA remains below key technical areas and needs to reclaim them before any broader recovery attempt becomes possible.
Cardano Whales Expand Shares as Price Drifts
Over the last six months, addresses commonly labeled as whales and sharks have added about 819 million $ADA, worth roughly $239 million at current prices.
The accumulation, which The Crypto Basic confirmed happened among whales holding between 100,000 and 100 million $ADA, has occurred while broader sentiment remained cautious. This suggests that while the market focused on the decline, larger players appeared to be increasing their exposure in the background.
Notably, this divergence between price and accumulation often attracts attention, particularly during periods of market fear, as it emphasizes the bullish disposition of the largest market whales. Historically, heavy accumulation by this class of holders has occurred closer to cycle lows, when valuations look less attractive to retail traders.
With this accumulation, they now hold over 25.35 billion $ADA tokens, representing 68.44% of the asset’s supply. This marked a 1.6% growth in the past 6 months, when they held 24.54 billion tokens (66.84%).
Conviction Despite $ADA Price Uncertainties
$ADA is still struggling below key resistance zones, struggling to reclaim levels that previously acted as support. While it recorded heavy daily growth last seen in months on Wednesday, following its over 14% growth, the structure remains fragile.
Momentum has not yet flipped decisively positive, and attempts to push higher have repeatedly stalled near psychological barriers. The recent stall around $0.31 on Wednesday supports this narrative. The momentum summarizes the coin’s predominant weakness over the past six months.
Yet, whales have quietly increased their share of the circulating supply. The move suggests conviction that $ADA would recover from this setback in the mid- to long term. It also reduces the number of coins available on the open market, which can tighten supply when market conditions improve.
Key Levels to Watch
Nonetheless, accumulation alone does not guarantee an immediate turnaround. $ADA remains below key technical areas and needs to reclaim them before any broader recovery attempt becomes possible.
Currently at $0.29, Cardano must defend the 3-year support at $0.24 to keep the chances of a recovery alive. Losing this 2023 base would risk massive downsides to $0.17 and the psychological $0.1 support level.
The next key resistance level lies around $0.38, aligning with the wave C target in an analysis from SmellyTaz. The commentary, however, hinges the rally to this zone on a successful retest of the $0.27 support and an MSS to confirm. Other resistance levels are at $0.79, and a sustained break above it would swing $ADA well into bullish territory again.
