Cardano Whale Wallets Reach 4-Month Peak Amid 42% Drop

Large Cardano (ADA) holders have grown to a four-month high of 424 wallets — each carrying more than 10 million tokens — even as the asset's price remains stuck near multi-month lows.

ADA Whale Accumulation

Santiment posted figures on Tuesday showing the whale wallet count rose 5.2% over nine weeks. ADA trades around $0.24, roughly 11% above its 2026 low set on Feb. 5.

Despite the uptick in large-holder activity, the token has not separated from the broader altcoin downturn. Santiment noted that sustained accumulation during subdued pricing could eventually create a bullish divergence.

ADA has dropped almost 42% in three months and about 53% over the past year.

It sits 92% below its all-time high above $3, reached four years ago. Trading volume fell nearly 17% in the last 24 hours to just over $361M — modest next to Solana (SOL) at $2.6B and XRP (XRP) at $1.5B over the same period.

Dominance Decline Concerns

The bullish case extends beyond wallet counts. Martinez had identified $0.245 as a support level and noted that similar zones preceded historical rallies of 85% and 200%.

Analysts called a bottom and targeted a move above $0.60 in Q2, though that projection lacked detailed analysis. ADA remains below its 50-, 100-, and 200-day exponential moving averages, which keeps the broader trend bearish.