Cardano (ADA) has shown fresh signs of recovery this week, trading above $0.59 on Monday after rebounding from a key support level last week. Market data indicates that large investors, known as “whales,” have been actively accumulating ADA, signaling growing confidence in the cryptocurrency’s future performance.
Whale Accumulation Boosts Market Confidence
According to blockchain analytics platform Santiment, whales holding between 1 million and 100 million ADA tokens collectively bought around 160 million ADA between Thursday and Monday. This accumulation suggests that major holders took advantage of recent price dips to expand their positions.
At the same time, social dominance — a measure of how often ADA is mentioned across crypto media and social platforms — has climbed from 0.18% to 1.29%, marking its highest level since late September. The increase reflects renewed investor interest and rising community engagement around Cardano.
Technical Indicators Suggest Bullish Momentum
Technical analysis supports the improving outlook. After finding support near $0.49 on November 4, Cardano’s price has gained around 11%. The Relative Strength Index (RSI) has risen to 43, showing a reduction in bearish pressure. Analysts note that a move above the neutral 50 level could further confirm bullish momentum.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover on Sunday — a classic signal of a potential upward trend. If the recovery continues, analysts expect ADA could test the next resistance level near $0.70.
Downside Risks Remain
Despite the positive signals, analysts warn that if ADA fails to maintain current levels, it could retest the $0.49 support zone. Market sentiment remains cautiously optimistic as traders await further confirmation of sustained momentum.
