Cardano Whales Accumulate Record-Breaking Tokens Amid Market Weakness

Large Cardano holders have accumulated a significant amount of ADA tokens despite the cryptocurrency's prolonged market downturn. According to data from analytics platform Santiment, wallets holding at least 1 million ADA tokens now collectively control 25.09 billion ADA, representing 67.47% of the circulation supply.

This marks an all-time high in whale holdings and has been steadily increasing since December 2023. The accumulation trend continues even as ADA lost approximately 71% of its market capitalization over the past nine months.

Crypto analyst Ali Martinez also shares a bullish outlook for Cardano, identifying a fresh buy signal in the SuperTrend indicator on the daily chart. According to Martinez, if momentum builds further, ADA could target the $0.33 resistance level first and potentially extend gains toward the $0.42 zone.