Cardano Whale Wallets Surge Amid Price Slump

Large Cardano (ADA) holders have reached a four-month high of 424 wallets, each carrying more than 10 million tokens. This uptick in whale wallet activity comes despite ADA's price remaining near multi-month lows.

The token has dropped almost 42% in three months and around 53% over the past year, sitting 92% below its all-time high above $3 reached four years ago.

Santiment notes that sustained accumulation during subdued pricing could eventually create a bullish divergence. Analysts have called a bottom and targeted a move above $0.60 in Q2, though this projection lacked detailed analysis.