Cardano (CRYPTO: ADA) whales now control 67% of supply, the highest concentration since July 2020, after accumulating through a 71% crash over nine months.

Whales Stack 25 Billion ADA

Wallets holding at least one million ADA now control 25.09 billion tokens, representing 67.47% of circulating supply. 

The accumulation trend has run uninterrupted since December 2023, with large holders buying on price weakness.

The token has shed 71% of its market cap over the past nine months, suggesting the largest holders have been stacking coins while retail capitulated.

DeFi Activity Collapses 80%

Cardano’s DeFi footprint has gone in the opposite direction. Total value locked sits at $137 million, down from a December 2024 peak of around $686 million, an 80% drop.

Meanwhile, daily DEX volume across the entire chain is $1.95 million. Chain fees over the past 24 hours totaled $1,767, significantly lower than $500,000 on both Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).

Cardano’s chain revenue was $353. Active addresses on a 24-hour basis are 15,975. These numbers suggest a chain where the main token is being accumulated for long-term investment rather than to capitalize on on-chain opportunities.

ADA One Of Worst Performers In Top 10

ADA traded at $0.27 in Asian hours Friday, with a market cap of $9.96 billion. The token has been one of the worst performers among the top 10 since the broader market topped in late 2024.

The whale accumulation has been happening through the drawdown rather than after it, suggesting large holders anticipate a recovery despite current on-chain metrics showing minimal activity.

Cardano Tests Breakout Support

Cardano is retesting the descending wedge’s upper trendline after last week’s breakout attempt. This retest is the critical moment.

The wedge compression from February through May has been relentless with lower highs and converging trendlines, but the apex is now practically reached. 

The breakout attempt to $0.2900 earlier this week was the first real signal of directional resolution.

SAR at $0.2605 is the immediate line currently being tested. Supertrend at $0.2451 is the last defense for bulls. 

Support sits at $0.2605 SAR then $0.2451 Supertrend. Resistance holds at $0.2800 then $0.3000. Invalidation occurs on a daily close below $0.2451.

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