Analyst Sees ADA Surging To $10 as Cardano Whale Holdings Surge

• ADA whales now control over 67% of circulating supply despite prolonged price weakness.

• Analyst Crypto Patel maintained a bullish long-term $10 target driven by sustained accumulation.

• ADA remains under bearish pressure near $0.25 with oversold indicators but weak momentum.

Cardano whales tightened their control over ADA supply as the token traded near $0.249. According to analyst Crypto Patel, wallets holding over 1 million ADA now control 67.47% of the circulating supply. The accumulation trend continued despite ADA losing significant market value and decentralized finance activity weakening over recent months.

Whale Accumulation Expands

According to Crypto Patel, whale wallets now hold 25.09 billion ADA tokens valued near $6.5 billion. He stated that accumulation has continued steadily since December 2023, even as retail traders reduced exposure.

Patel also maintained a long-term $10 target for ADA. He linked that outlook to rising whale ownership and continued large-scale accumulation during market weakness.

Meanwhile, the broader Cardano market showed weaker conditions during the same period. The report noted Cardano’s market capitalization declined 75% within nine months, while DeFi total value locked dropped 80%.

However, whale activity moved in the opposite direction. Large holders increased exposure while overall market sentiment weakened across the sector.

ADA Price Faces Continued Pressure

ADA traded around $0.2494 after declining steadily from the $0.2800 range between May 10 and May 18. The chart showed repeated lower highs and lower lows, confirming sustained bearish momentum.

Source: TradingView

Notably, trading volume increased sharply during major selloffs around May 15 and May 18. Current volume stood near 1.69 million ADA as the token tested lower support levels.

The Relative Strength Index reached 30.07, while its moving average stood near 36.12. That reading placed ADA close to oversold territory, although bearish momentum remained dominant below the neutral 50 level.

At the same time, the MACD indicator stayed negative. The MACD line remained below the signal line, confirming continued downside pressure.

Support and Resistance Levels Tighten

Current support is between $0.2480 and $0.2450. If buyers fail to defend that range, ADA could decline toward $0.2400. However, immediate resistance remains near $0.2550.

Stronger resistance also formed between $0.2600 and $0.2650 as sellers continued controlling short-term momentum. The narrowing MACD histogram suggested selling pressure had started slowing slightly, despite the broader bearish structure remaining intact.