Whale Cohorts Add 1% of Circulating Supply in Past Month

Tech

Whale Cohorts Add 1% of Circulating Supply in Past Month

• Cardano (ADA) broke out of a descending channel with $880k in short liquidations
• Whale accumulation is occurring, particularly in the 10-100 million ADA holder cohort
• Network activity slowed down over the weekend of May 9th
• The 10-100 million ADA holder cohort added 1% of circulating supply ($296 million worth)
• Price is currently holding at $0.8 support with $0.91 as the next target

Cardano (ADA) has broken out of a short-term descending channel approximately one week ago. This breakout was fueled by $880,000 worth of short liquidations occurring in under 24 hours, creating momentum for an aggressive move upward.

The cryptocurrency is currently trading at $0.8, having reclaimed the range formation established in February. The price successfully retested the $0.68 level in late March before recovering, and recently found support at this same level on May 8th.

Bulls are now defending the $0.8 support zone with technical indicators suggesting continued upward movement. The 20 and 50-period moving averages indicate dominant bullish momentum, while the rising On-Balance Volume (OBV) shows steady buying pressure.

Cardano Price on CoinGeckoWhale Accumulation Patterns

On-chain data reveals interesting accumulation patterns among different holder groups. The 10-100 million ADA holder cohort has been particularly active, adding 1% of Cardanos circulating supply over the past month. This translates to approximately $296 million worth of tokens at current prices.

This whale cohort stands out as the only consistent buyer throughout the past month. The even larger 100 million to 1 billion ADA holders have also increased their positions over the past three days.

Other holder groups appear to be selling their holdings during this period. The exception is retail investors, who have shown steady buying behavior since February.

Network Activity Fluctuations

Cardanos network metrics show mixed signals. Daily active addresses and transaction volume experienced a sharp drop on Friday, May 9th. This reduced activity continued through the weekend.

While weekend slumps in daily active addresses are common for Cardano, the drop in transaction volume during weekends is less typical. Despite this recent decrease, the daily active address count remains higher than values recorded throughout most of April.

Token velocity also declined alongside transaction volume over the past few days. This occurred simultaneously with a price increase, suggesting reduced selling pressure and minimal profit-taking – both indicators of accumulation behavior.

The next price target for Cardano is the mid-range resistance at $0.91, according to technical analysis of the daily chart.

The strong support at $0.75 continues to play an important role in Cardanos price action. This level has been highlighted in multiple reports as a critical zone for maintaining bullish momentum.

With the current on-chain data showing continued whale accumulation and technical indicators pointing to sustained bullish momentum, ADA appears positioned for potential further gains if market conditions remain favorable.

The recent breakout from the descending channel pattern represents a significant technical development that has altered Cardanos short-term price trajectory.