 ▲ Cardano (ADA) |
Cardano (ADA) has halted its weeks-long downward trend and begun consolidating for a full-fledged rebound, supported by large-scale accumulation by whale investors and strong holding sentiment among long-term holders.
According to crypto media outlet BeInCrypto on February 16 (local time), Cardano whales recently took advantage of price weakness to purchase approximately 220 million ADA worth about $61 million. On-chain data analysis shows that large addresses holding between 10 million and 100 million ADA led the accumulation, raising expectations of a market recovery. Such large-scale buying is seen as playing a decisive role in reducing circulating supply and helping to secure price stability.
The Mean Coin Age indicator, which reflects the sentiment of long-term investors, has also reached its highest level in three months, signaling bullish momentum. An increase in the average age of circulating coins suggests that existing holders are choosing to hold rather than sell their assets. The phenomenon of coins remaining dormant even during a downturn is interpreted as evidence of strong investor conviction in Cardano’s future price appreciation.
From a technical analysis perspective, Cardano is currently trading near $0.278 and is struggling to secure support at $0.271, the 23.6% Fibonacci retracement level. If the $0.271 support level is firmly maintained, it could provide a foundation for a rebound toward $0.303. Should whale buying continue, bullish momentum may accelerate further, potentially pushing past the next resistance at $0.354 and targeting $0.391.
However, downside risks remain amid a highly volatile market environment. If Cardano fails to break above the $0.303 resistance level and faces renewed selling pressure, there is a risk that the $0.271 support could give way. A breakdown of this support may drive the price down to the next lower target of $0.245, which would invalidate the current short-term bullish outlook and warrant investor caution.
Ultimately, Cardano’s near-term trajectory depends on whether whales maintain their buying momentum and whether the $0.271 support level holds. With no signs of long-term holders exiting and institutional-scale investors strengthening their strategic positioning, the market appears to be leaning toward the possibility of a technical rebound. Investors worldwide are closely watching whether Cardano can break through psychological resistance levels and sustain its recovery momentum.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted solely for informational purposes.*