On-chain data reveals a significant divergence in Cardano's market behavior. While the price of ADA has plummeted more than 71% over the past six months, falling from around $0.90 to approximately $0.26, large-scale holders have been aggressively accumulating the asset.
Wallets holding between 100,000 and 100 million ADA have added a staggering 819.4 million ADA during this period, a purchase worth roughly $213.9 million at current prices. This accumulation represents an increase of about 1.6% of Cardano's total circulating supply. Consequently, the total ADA held by this cohort has risen from 24.54 billion to 25.35 billion, and their share of the total supply has climbed from 66.84% to 68.44%.
Analysts interpret this whale activity as a potential signal of long-term positioning and confidence in Cardano's future recovery, rather than short-term speculation. The steady buying during a prolonged downturn suggests these large holders may perceive the asset as undervalued and are strategically absorbing supply during a capitulation phase.
Market observers note that this accumulation, while notable, does not guarantee an immediate price reversal. Prices can remain under pressure even as large players build positions. However, the tightening supply distribution—with nearly 68.5% of ADA now concentrated in these wallets—could reduce available sell-side liquidity over time, potentially setting the stage for a stronger recovery when broader market demand returns.
Following the accumulation data, ADA's price showed early signs of a rebound, trading around $0.2640, up nearly 3% in a recent intraday session. Technical analysis points to key support levels at $0.2500 and $0.2200, with resistance seen at $0.2800 and the major psychological barrier of $0.3000.
