Cardano (ADA) has become a focal point in the market due to a negative outlook on its growth trajectory. Analyst Ali Martinez has identified a decrease in whale activity associated with Cardano, hinting at a possible drop in price or a prolonged period of consolidation. The number of large transactions involving Cardano whales has reached a low point not seen since early February.

Despite a recent milestone in ADA on-chain transactions, with over 88.6 million recorded, the decline in whale activity tells a different story. The number of whale transactions has decreased to 202, with the total value of large transactions of 1,000,000 to 10,000,000 ADA dropping from over 5.9 billion ADA in March to approximately 5.79 billion ADA based on Martinez's analysis.

Data from the crypto analytics platform IntoTheBlock further emphasizes this trend, showing a 12.56% decrease in large transactions worth at least $100,000, which totaled $14.63 billion. This figure is notably lower than the $17.52 billion recorded on April 3.

The diminishing support from whales, as indicated by the decrease in large transactions, poses a challenge to Cardano's recent attempts to recover from its price declines. Currently priced at $0.582, Cardano has seen a modest 1.52% increase in the last 24 hours following a period of consistent decline. The lack of whale activity raises uncertainty regarding the sustainability of this price recovery.