Whale activity at Cardano reached its highest level in four months

The Carnado whale has returned

According to analysis from Santiment, online data shows that large Cardano holders have increased their presence to a four-month high, with 424 wallets now holding at least 10 million ADA. This represents a 5.2% increase over the past nine weeks, suggesting sustained accumulation rather than a short-term surge.

• Whale wallet growth: From approximately 402 wallets at the end of January 2026, the number has increased to 424 wallets. This is a clear indication of a shift from distribution to accumulation by larger investors.

• Accumulated volume: Whales have bought approximately 220–300 million ADA in recent months, primarily in the $0.24–$0.25 price range. The example group holding 100 million – 1 billion ADA made the largest purchase in months, bringing their total holdings to approximately 2.55 billion ADA.

• Price context: Although ADA has not yet detached from the general altcoin trend of 2026, the token price has increased 11% since the end of May 2nd, 2026. Strong whale accumulation during periods of price weakness often creates bullish divergence signals, which are found to indicate that "smart money" is building a long-term position.

The notable development is not due to price volatility—ADA remains under pressure—but because it highlights the difference between on-chain behavior and market sentiment.

Accumulation in a weak price environment

Despite increased whale activity, ADA continues to trade within a narrow range, significantly lower from its recent peak and remaining within a broader downtrend.

This disparity is often where more significant signals emerge. Large investors tend to accumulate during periods of weak market sentiment, when liquidity is abundant and retail investor participation is limited. In this case, the data suggests capital is quietly flowing in, even when short-term price movements remain unconvincing.

Historically, such phases have foreshadowed market turning points, though not immediately. Accumulation can last for weeks or months before translating into a price expansion.

Whale behavior as a leading indicator

Whale accumulation is closely watched because it reflects a long-term position rather than short-term speculation. Wallets holding more than 10 million ADA equivalent to multi-million dollar positions that are typically associated with funds, early investors, or high-net-worth participants.

The current surge suggests two parallel dynamics: existing large investors expanding their holdings, and new large investors potentially entering the market. Both indicate a shift in ownership structure, where supply is gradually concentrating among stronger holders.

At the same time, data shows that large investors have previously accumulated hundreds of millions of ADA during recent price drops, reinforcing the idea of ​​a more deliberate accumulation strategy rather than opportunistic buying.

The difference from the derivatives market

While on-chain data suggests accumulation, the derivatives market tells a different story. Open interest has decreased and lending rates have turned negative, indicating that short-term traders remain cautious or outright pessimistic.

This difference has significant structural implications. It indicates that the spot market is in an accumulation phase, while the leveraged market is not yet ready for an uptrend. Such setups are often seen in the initial accumulation phase, when prices remain within a certain range until market sentiment changes.

Our review

The number of Cardano whale wallets reached 424, a 4-month high, along with the accumulation of 220–300 million ADA, a clear bullish signal from on-chain data. While ADA hasn't yet broken away from the overall altcoin trend, the behavior of this "smart money" suggests it's building a time limit in a visible way. In the short term, ADA remains testing key support zones.

However, if the number of whales continues to increase and prices are supported above the support zone, then over time, the potential for further gains will be higher. This is the phase long-term investors should watch closely: the combination of whale strength accumulation and weak prices often creates a classic accumulation setup, potentially leading to strong upward momentum when catalysts appear (technology updates, adoptions, or improved overall market sentiment).

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrency. This is not financial or investment advice. All investment decisions should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official stance of the platform. We recommend that readers conduct their own research and consult with experts before making any investment decisions.

Compiled and analyzed by HCCVenture

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