Cardano (ADA) whales have been steadily accumulating the token despite its prolonged price decline, with on-chain data revealing a record level of concentration not seen in years. According to analytics platform Santiment, wallets holding at least 1 million ADA now collectively control 25.11 billion ADA, representing 67.5% of the total supply — the highest share since July 2020 and the largest aggregate holdings since December 2017.
The accumulation comes as ADA struggles near $0.23, having lost about 30% in 2026 alone and more than 70% over the past year. The asset has repeatedly failed to break above $0.25, and its chart remains trapped in a descending channel pattern. Even so, millionaire addresses have been increasing their positions, a behavior that Santiment describes as a potential long-term bullish signal.
Accumulation Amid Weakness
Santiment’s data shows that large holders have been consistently buying during the downturn, with the pace of accumulation accelerating since late 2024. “When key stakeholders accumulate, this is generally a sign of confidence from those with significant exposure,” the platform noted. The attached chart indicates that similar accumulation phases preceded major ADA rallies in earlier market cycles.
However, the broader sentiment around Cardano remains guarded. The network’s DeFi ecosystem has never surpassed $1 billion in total value locked, and currently sits below $125 million — an 82% drop from its November 2024 peak of nearly $721 million. Critics argue that Cardano’s research-focused approach has slowed feature rollouts and left it trailing rivals like Ethereum and newer chains such as SUI in terms of active usage.
Technical Picture
Trader “Val Me” described ADA’s chart as “very sad looking,” though she noted a possible bounce from the $0.22 support zone toward $0.50. Any rally, however, would likely form a lower high unless ADA can later establish a higher low — a crucial condition before a more bullish scenario targeting $1.35 can be considered. A decisive break above the descending channel is still required to invalidate the bearish structure.
The contrast between weak price action and aggressive whale accumulation creates an interesting setup. History suggests that such accumulation phases can act as a leading indicator, as large holders often position themselves before a broader sentiment shift. For now, ADA remains in a critical period where technical resistance and quiet conviction collide.
