Large Cardano holders have continued accumulating ADA despite the cryptocurrency’s prolonged decline, with millionaire wallets now controlling the biggest share of supply seen in years.
Cardano’s native token, ADA, has fallen more than 70% over the past year. Since the beginning of 2026 alone, the asset has declined by roughly 30%, while repeated attempts to reclaim the $0.25 price level have failed.
Despite the weak market performance, wallets holding at least one million ADA have steadily expanded their positions, signaling that major investors remain active even during the downturn.
Millionaire Wallets Reach Highest Accumulation Since 2017
According to blockchain analytics platform Santiment, wallets containing at least one million ADA now collectively hold 25.11 billion tokens. This marks the highest accumulation level recorded since December 2017.
These large holders currently control approximately 67.5% of the total ADA supply, representing the highest concentration since July 2020.
Santiment noted that continued accumulation by whales is often interpreted as a sign of confidence from investors with significant exposure to the asset. From a long term perspective, the firm suggested that this trend could be viewed as potentially bullish for patient holders willing to wait through market volatility.
Cardano Still Faces Questions Over Ecosystem Growth
The increase in whale accumulation comes while Cardano continues to face criticism regarding the growth and adoption of its ecosystem.
Critics have frequently argued that the network has struggled to generate the same level of traction achieved by competing blockchain platforms.
Earlier this month, crypto analyst Ali Martinez questioned Cardano’s long term outlook, pointing to what he described as relatively weak network activity compared to the project’s multibillion dollar valuation.
Martinez highlighted that Cardano’s decentralized finance ecosystem has never surpassed $1 billion in total value locked. He also noted that the network continues to lag behind competitors such as Ethereum, while newer blockchains like SUI have already demonstrated stronger user activity and adoption.
According to Martinez, Cardano has yet to establish a clearly defined niche capable of consistently attracting developers, users, and capital. He also argued that the blockchain’s research driven development approach has slowed the rollout of important features.
Some other market analysts have similarly questioned whether Cardano may currently be among the most overvalued blockchain projects in the crypto industry.
Data from DeFiLlama shows that Cardano’s total value locked has now dropped below $125 million, representing an 82% decline from its peak near $721 million in November 2024.
Analysts Say ADA’s Technical Structure Remains Weak
Crypto trader Val Me described Cardano’s current chart structure as “very sad looking,” emphasizing that ADA still appears weak on higher time frame charts despite trading close to an important support area around $0.22.
According to the analyst, ADA could either rebound from current levels or briefly dip below recent lows before attempting a recovery.
She identified a potential move toward $0.50 in the event of a short term rally, although she warned that such a move could still form a lower high before the asset revisits support levels again.
Val Me added that she would only begin considering a more bullish long term scenario if ADA eventually establishes and maintains a higher low. In that case, she suggested the cryptocurrency could potentially target $1.35 in the future.
However, she cautioned that such an outcome remains highly speculative at this stage.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
