Cardano Whales Accumulate 819M ADA Despite 71% Price Drop

Key Insights:

• Cardano whales accumulated 819.4 million ADA over six months despite 71% price decline from $0.90 to $0.26.
• Large holder supply share rose from 66.84% to 68.44%, totaling 25.35 billion ADA over six months.
• ADA trades near $0.26 with $381 million daily volume as $0.25 support remains critical for traders.

Cardano’s large holders have continued to increase their positions even as the token’s price fell sharply. The live price of Cardano at the time of writing was $0.259493, with a 24-hour trading volume of $381 million, and the price has decreased 1.42% in the last day

Steady Accumulation by Large Holders

Data from Santiment shows that wallets holding between 100,000 and 100 million ADA added 819.4 million ADA over the past six months. During this period, Cardano’s price dropped from $0.90 to $0.26, a decline of over 71%.

The accumulation represents roughly 1.6% of the total ADA supply. The total ADA held by these wallets increased from 25 billion to 25.35 billion tokens. Santiment highlighted that the share of supply held by these investors rose from 66.84% to 68.44% over the same period.

The data indicates that large holders have been steadily increasing their stakes despite the price drop. This buying activity occurred while ADA traded near multi-month lows. Experts say the consistent accumulation reflects ongoing interest from larger investors. 

Over six months, these wallets spent an estimated $213.9 million to buy the additional ADA. The steady purchases contributed to a higher concentration of ADA in the hands of large holders.

Price Action and Market Signals

Cardano’s price is near $0.26, showing some minor recovery after a short decline. Technical indicators suggest a slightly bullish trend, though momentum remains weak. The MACD shows a small bearish crossover, indicating that sellers still control short-term price action.

Traders are carefully monitoring the $0.25 support level, as it could determine whether the price holds or drops further. If the asset rises above $0.27, it could test $0.28, and a move beyond reaching the $0.30 level. 

On the downside, a drop below $0.25 may push the price to $0.24, which could become the next support level. Despite the decline, the continued accumulation by large holders shows their ongoing interest in the asset.