Cardano whale holdings rise to 5-month high despite price drop to $0.60

Cardano price has been struggling to find support over the past few days, with recovery attempts proving unsustainable and sliding towards the $0.60 mark.

Despite the price drop, on-chain data suggests that bullish sentiment may be building. Large holders, known as whales, appear to be quietly accumulating ADA, demonstrating confidence in its resilience.

Cardano Whales Are Buying

As Cardano continues to make lower Dip , whales have stepped in to accumulate. Addresses holding between 1 million and 10 million ADA have added about 70 million tokens in the past 48 hours, worth about $42 million. While modest compared to previous accumulations, the move shows growing confidence among large investors.

The buying has pushed whale holdings to a five-month high, suggesting they XEM current prices as an attractive entry point. Their activity is often an early signal of broader bullish sentiment in the market.

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Technically, the Moving Average Convergence Divergence (MACD) indicator shows improving momentum. The red bars on the histogram are narrowing, indicating a decrease in selling pressure. This development is consistent with recent whale accumulation and suggests that Cardano may be approaching a potential reversal zone.

Cardano has come close to forming a bullish MACD crossover several times over the past two months but has failed to sustain the momentum. However, with strong accumulation from large holder and weakness in the sellers, ADA may finally confirm a bullish crossover, signaling a short-term uptrend.

ADA price is likely to bounce back

At the time of writing, Cardano price is at $0.61, slightly above the key support zone of $0.60. The recent stability coincides with renewed buying from whales, suggesting that the bearish pressure may be easing.

If ADA holds this zone, the price could bounce from $0.60 and move towards $0.62 before heading towards $0.66. A clear break of these resistance zones will likely attract stronger inflows, strengthening the bullish reversal scenario.

However, if the whale accumulation momentum slows down and selling pressure returns, Cardano price could lose support at $0.60. At that point, ADA could retreat to $0.57 or even $0.54, thereby negating the bullish scenario and prolonging the correction.