Recent weeks have seen significant increases in Cardano whale activity, while ADA price remains stable. This could indicate potential market changes ahead.
ADA Price Under Pressure, But Finds Stability
Between May 9 and early June, ADA price slid from around $0.83 to below $0.60. This wasn’t a straightforward decline, as every small bounce quickly faded, keeping the overall trend bearish. However, things started to change towards the end of June, with prices holding steady between $0.57 and $0.59, forming a support base. By early July, the price had moved up to about $0.61 but did not hold those gains. As of July 7, it’s trading around $0.586, remaining above that support zone but not yet breaking out.
Cardano Whale Activity Signals Shift in Sentiment
From mid-May to early June, ADA whales were selling, with their holdings dropping from 5.78 billion ADA to about 5.44 billion. This selloff coincided with the drop in ADA price, which is logical as less demand leads to lower prices. However, this behavior did not last long. Around June 23, whale holdings bottomed out at 5.43 billion. Since then, they have been on the rise again, with large holders adding 120 million ADA back into their wallets over just two weeks. This marks a significant shift, particularly during a time when price movement has been minimal.
ADA Price and Whale Holdings Show Correlated Trends
What stands out here is the timing. Whale accumulation picked up just before ADA attempted to recover above $0.61. Typically, larger players begin buying while the market still feels uncertain. Should ADA manage to overcome the $0.61–$0.63 zone and sustain that climb, it could pave the way for a stronger upward movement. Analyst AliCharts pointed out the 120 million ADA whale accumulation, garnering interest within crypto circles.
In conclusion, the activity of large Cardano holders suggests potential positive shifts in the market, despite current price stability. This may signal an imminent change in market dynamics.
