Whales Load Up on Cardano as Price Hits Resistance

Cardano's ADA token has been on a tear lately, rising 8% over the past week to approximately $0.17.

This surge in price is largely attributed to a divergence in on-chain data, with whales accumulating tokens at an unprecedented pace while retail traders are trimming their exposure.

According to Santiment data, wallets holding between 1 million and 10 million ADA added over 30 million tokens in the past seven days, bringing total whale holdings to approximately 25.6 billion ADA, nearly 70% of the circulating supply.

This accumulation comes as daily active users on the Cardano network have nearly doubled to 15,100, up from roughly 7,800 earlier in July.