Cardano Whale Wallets Surge Amid ADA Price Downturn

Cardano's large holder wallets have reached a four-month high of 424, each carrying more than 10 million tokens. This comes despite the asset's price remaining near multi-month lows, currently trading around $0.24.

The number of whale wallets rose 5.2% over nine weeks, according to Santiment. ADA has dropped almost 42% in three months and about 53% over the past year, with its all-time high above $3 reached four years ago.

Trading volume fell nearly 17% in the last 24 hours to just over $361M. Despite this decline, analysts have called a bottom and targeted a move above $0.60 in Q2, though that projection lacked detailed analysis.