Santiment recently reported that Cardano price surged 107% since whale accumulation began, with 1.41 billion ADA added since November 2023.

Cardano (ADA) has experienced a 4.7% decline in the past 24 hours, trading at $0.7593. The price fluctuated between $0.7562 and $0.815, reflecting short-term volatility. Despite this, ADA has recorded a 41.7% increase over the past year, underscoring its long-term recovery. 

Whale Accumulation and Market Trends

However, amid the short-term decline, market intelligence platform Santiment reported that Cardano’s market capitalization rose by 11% while most crypto assets saw pullbacks. 

The accumulation activity of large ADA holders remains a key factor in this trend. Wallets holding at least 1 million ADA have steadily accumulated since November 2023, adding 1.41 billion ADA. This represents 2.35% of the total Cardano supply, reinforcing confidence among institutional investors and whales.

According to Santiment, despite market volatility, Cardano’s price has surged 107% since the onset of whale and shark accumulation.

 

Long-term Conviction For Cardano

Supporting data from IntoTheBlock highlights shifting market dynamics. ADA holders with assets for over a year increased their positions by 1.81%, showing long-term conviction. 

Mid-term holders, or cruisers, grew their holdings by 7.65%, while short-term traders saw a decline of 11.75%. This shift suggests a growing preference for long-term holding strategies over short-term speculation.

Potential Breakout and Technical Analysis

As whales continue to accumulate ADA, enthusiasts are on the lookout for how the token’s price could perform.

Crypto analyst Trader Steve recently identified ADA’s potential to replicate XRP’s recent price action. He emphasized key Fibonacci retracement levels, with support around the 61.8% and 78.6% ranges.

The analysis suggests a possibility for ADA to mirror XRP’s late 2024 rally, which saw the token break multiple resistance levels before reaching a seven-year high above $3.

ADA, in contrast, has yet to reclaim its December 2024 high of $1.32. Other analysts are also monitoring whether the asset can sustain upward momentum. Crypto trader Yoel Jr. noted that ADA must close above $0.81 to confirm a bullish trend. Failing to do so may leave the asset in what he termed the “boring zone.”

Further, analyst Jonathan Carter pointed to a bull flag formation on the daily chart, suggesting a potential upward move. He indicated that a price retest near $0.60 could provide stronger entry points for buyers. If ADA rebounds from this level, possible price targets include $0.845, $1, and $1.325.