Cardano Whale Wallets Soar Amid Price Slump
Despite Cardano's (ADA) price remaining near multi-month lows, large ADA holders have reached a four-month high of 424 wallets each carrying over 10 million tokens. This uptick in whale wallet count represents a 5.2% increase over nine weeks, according to Santiment.
The asset has dropped nearly 42% in three months and approximately 53% over the past year, with its price stuck at around $0.24, roughly 11% above its February 5 low of $0.21. ADA's trading volume fell by almost 17% in the last 24 hours to just over $361 million.
Analysts have called a bottom and targeted a move above $0.60 in Q2, though this projection lacked detailed analysis. However, the current trend remains bearish due to ADA's share of total crypto market capitalization having collapsed from around 4.5% in 2021 to roughly 0.3% today.
Sustained accumulation during subdued pricing could eventually create a bullish divergence, according to Santiment. The whale wallet count and accumulation narrative are complicated by the shrinking dominance of ADA in the broader crypto market.