Cardano has recorded a steady increase in large wallet holdings even as its price remains under pressure. Data shows that wallets holding at least 10 million ADA have reached 424, marking a four-month high. The rise reflects a 5.2% increase over the past nine weeks, according to Santiment. During the same period, ADA has traded near key support levels following a prolonged decline. Market activity shows a contrast between accumulation by large holders and weaker short-term price performance.
Cardano Whale Wallets Climb to Four-Month High
Santiment data indicates that the number of Cardano wallets holding 10 million ADA or more has steadily increased in recent weeks. The total has reached 424, representing the highest level recorded since December. This growth has occurred during a period of declining prices, suggesting that large holders have continued to expand their positions.
The increase of 5.2% over nine weeks points to consistent accumulation rather than sudden inflows. Large investors appear to have taken advantage of lower price levels to increase exposure. The pattern aligns with previous cycles where accumulation phases developed during periods of reduced market sentiment.
Cardano Whales | Source: Santiment
ADA Price Holds Near Critical Support Levels
Cardano is currently trading near the $0.24 level after declining over 4% in the last 24 hours. The asset moved from a peak of $0.2595 to a daily low of $0.2426, reflecting ongoing volatility. At the same time, trading volume has declined by over 20%, indicating reduced activity across the market.
ADAUSD 1-Day Chart | Source: CoinCodex
The $0.24 level has emerged as a key support zone in the short term. If the price remains above this level, it may provide a base for consolidation. However, a break below this range could expose the asset to further downside toward the $0.22 level, which has previously acted as support.
ADA On-Chain and Derivatives Data
Cardano on-chain metrics show continued accumulation by large wallets, while derivatives data reflected a cautious outlook. Futures open interest has declined by approximately 8% within 24 hours, with long positions seeing the largest reduction. At the same time, funding rates have turned negative, indicating that short positions currently dominate.
This divergence between on-chain activity and derivatives positioning suggests mixed sentiment across the market. While large holders are increasing their exposure, short-term traders appear to be reducing risk.
Also, Cardano continues to pursue adoption initiatives. EMURGO chief executive Phillip Pon has indicated that discussions are ongoing with Mastercard regarding potential integration. If finalized, the arrangement could expand the use of ADA in payment systems and increase transaction activity on the network.
Earlier on, the Cardano Foundation confirmed support for three live governance actions, bringing fresh attention to the network’s treasury and funding plans. The foundation backed the DeFi Liquidity Budget Withdrawal 1, the Budget Process Framework facilitated by Intersect, and the Cardano x Draper Dragon Orion Fund.
