Cardano (ADA) is making headlines again as whales have accumulated over 180 million ADA tokens in just five days. The bullish activity comes in reaction to ADA showing signs of recovery, gaining 25% from its April lows.
In a recent tweet, Ali Marinez shared on-chain data from Sentiment of addresses that hold 100 million to 1 billion ADA. “Whales have bought over 180 million #Cardano $ADA in just the past week!” he tweeted.
Currently, ADA is trading at $0.73 which is approximately an 8% drop in the past 7 days. In spite of the drop, the token is still trading robustly with more than $617 million in the past 24 hours.
According to technical data on TradingView, the price remains stuck in a tight range between $0.7316 and $0.86 which it has been since the beginning of the month. It recently tapped a resistance zone at $0.79 but rejected it.
On the Daily chart, ADA is trading sideways and hovering between the upper and lower Bollinger Bands at $0.71 and $0.83. The 200-day moving average near $0.75 is now acting as a key barrier for a breakout. If ADA manages to push above this level, it could start a new rally. If it falls below support, it may continue its downward trend.
Additionally, community sentiment has remained strong. According to previous reports, ADA ranked second behind only Bitcoin in CoinMarketCap’s community-supported cryptocurrency votes. It received 4,844 votes with 87% of voters feeling bullish. Bitcoin slightly edged it out with 87.3% of 9,438 votes.
This optimism is driven in part by the possibility of a future Cardano-based ETF. Grayscale filed for a Cardano ETF on February 10, 2025. SEC was supposed to give a decision on the ETF today, May 29. Unfortunately, the agency has extended its decision deadline to October 26, 2025, the final day of the 240-day review period. If approved, investors would be able to gain exposure to ADA through regular brokerage accounts.
Crypto analyst Dan Gambardello believes ADA is in a “pre-bull market” phase. In a recent tweet, he explained that “Cardano is mirroring past consolidations,” He said the current 176-day phase looks similar to previous setups before rallies. He also pointed to the upcoming Midnight airdrop, aimed at over 37 million users, as a potential catalyst.
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