Cardano is sitting near a critical price level. ADA has fallen more than 40% over the past three months and is now trading around $0.24, right inside a major support band between $0.22 and $0.28. Price action remains weak, but on-chain positioning is starting to point in a different direction.
Large ADA holders rise to 424 wallets
According to Santiment data cited in the source material, the number of wallets holding at least 10 million ADA has climbed to 424. That is the highest reading since December. The increase has taken place while the token has been sliding, a setup that often draws attention because it suggests larger holders are adding exposure during a period of broad market hesitation.
The report notes that this kind of divergence has appeared near major turning points in the past, with bigger investors entering earlier than the rest of the market. Whether ADA follows that pattern now depends heavily on what happens at support.
Derivatives data still shows near-term pressure
The futures market is sending a much softer signal. ADA futures open interest fell by about 8% in just 24 hours, with long positions taking the larger hit. Funding rates have also turned negative, indicating that short sellers currently hold the upper hand in the short-term market.
That leaves ADA caught between two forces. Whale wallets are building positions, while shorter-term traders remain defensive and continue to lean bearish.
$0.22 to $0.28 remains the key zone
From a technical standpoint, the $0.22–$0.28 range is the most important support area in the current structure. The source says this zone has acted as a launch base for strong rebounds before, which puts added focus on how price behaves here. Crypto analyst Alpha Crypto Signal said ADA recently broke out of a descending wedge on lower timeframes and pushed toward the $0.27–$0.29 area, though failure to hold that move could send the token back into the range.
The analyst's stated view is that keeping price above the breakout zone would preserve a bullish bias, with continuation toward $0.27–$0.29 still possible if that level holds.
Double-bottom discussion starts to build
The source also mentions another market observer pointing to a possible double bottom forming alongside a falling wedge reversal. If support holds and accumulation continues, ADA could begin to stabilize. If that structure fails, downside pressure may remain in control.
For now, Cardano is at a clear inflection point. Under the surface, accumulation is building; in the short term, bearish pressure has not disappeared. The next few trading sessions are likely to decide which side gains control.