Here’s Why Cardano (ADA) Might Be Ready to Bounce Back

Cardano (ADA) has seen a sharp recovery since plunging below $0.50 earlier this week. After touching lows near $0.48 on November 5, ADA surged more than 20% to reach around $0.60 by November 10th. While it has slipped about 2% in the past 24 hours to around $0.58, a bullish turnaround may be brewing as top ADA investors accumulated nearly 1% of the total supply this week. Loading Up on ADA According to on-chain analytics firm Santiment, Cardano’s large holders have significantly increased their positions following last week’s price dip below $0.50. In the past four days, whales and sharks, wallets holding between 100,000 and 10 million ADA, have collectively accumulated 348 million ADA. This stash is worth approximately $204.3 million, and the accumulation represents about 0.94% of Cardano’s total circulating supply. The surge in buying activity points to renewed confidence among major investors despite recent market volatility, and previous instances have shown that such accumulation phases often lead to price recoveries if broader market sentiment stabilizes. Crypto trader Trend Rider noted in a recent post on X that ADA is currently testing the lower limit of its trend band. He stated that ADA must reclaim the $0.70 level to confirm a reversal back into bullish territory. At present, ADA is showing signs of consolidation after a strong recovery from its early-November lows. The trader’s analysis reveals that while short-term momentum has improved, the broader trend remains neutral to bearish unless the price can break and hold above the $0.70 zone. Cardano Ecosystem in Q3 Beyond price action, Cardano’s network fundamentals also showed notable strength last quarter. Messari found that its DeFi’s total value locked (TVL) climbed 28.7% in Q3 to $423.5 million, its highest level since early 2022. Additionally, NFT trading volume on the network surged 561.7% during the quarter and reached $262,450. The report also noted that Midnight, Cardano’s privacy-focused sidechain, partnered with Google Cloud to integrate its privacy layer with enterprise-grade infrastructure and Mandiant’s threat analysis tools. In governance, Cardano transitioned from an interim Constitutional Committee to a fully elected body, reinforcing its move toward community-led decision-making. The post Here’s Why Cardano (ADA) Might Be Ready to Bounce Back appeared first on CryptoPotato.