Whales with at least 1 million Cardano (ADA) tokens now hold a record 25.09 billion ADA and 67% of supply, despite a 71% market cap drop.
Whale Holdings Hit Record
On-chain analytics firm Santiment disclosed the figure in an X post. The cohort now controls 67.47% of the circulating supply, the highest concentration since July 2020.
That share has climbed steadily since December 2023, when these wallets held closer to 19.2 billion ADA. The accumulation extended through one of Cardano's weakest stretches in years.
ADA traded near $0.2647 on Thursday, down about 3.1% over 24 hours, according to data cited by Tronweekly. The token sits roughly 71% below its late-2025 peak near $0.90.
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Analyst Sees Bullish Setup
Santiment said the millionaire tier appears content adding more while prices remain depressed. The firm framed the pattern as evidence that key stakeholders view current levels as a discount rather than an exit cue.
Independent analyst Ali Martinez pointed to a fresh SuperTrend buy signal on the ADA daily chart. He had flagged the same indicator's sell trigger on Sept. 25, 2025, which preceded the 73% decline.
Martinez set $0.33 as his first upside target and $0.42 as a secondary level. His bullish case rests on ADA holding the $0.25 support floor.
Recent ADA Backdrop
Momentum readings remain mixed. The RSI sits near 53.66, while the MACD line holds above its signal line, though the histogram has begun fading, per crypto.news.
Cardano spent much of the past nine months retracing from its 2025 highs, with sharp legs lower in the final quarter.
Founder Charles Hoskinson has continued to defend the network's development pace, recently praising the Clarity Act text as ADA tested a triangle structure.
Whale concentration on the network has not been this high in nearly six years. The last comparable reading, in 2020, came before Cardano's smart contract rollout and its subsequent multi-year rally.
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