At $0.26, Cardano (ADA) is still trading well below its historical highs, yet large holders of the token seem largely undeterred.
Recent data indicates that wallets holding at least one million ADA have continued to accumulate the asset steadily.
Aggressive ADA Buying Spree
Crypto analytics platform Santiment reports that millionaire-tier Cardano wallets have progressively increased their share of the supply. Those wallets now hold a combined 25.09 billion ADA, representing 67.47% of the circulating supply. This accumulation persisted even as Cardano’s market capitalization fell by more than 70% over the past nine months. According to Santiment, the “millionaire” tier of large holders appears to be using lower prices as an opportunity to buy.
Supporting this view, crypto analyst Ali Martinez highlighted the $0.25 level as a historically significant support zone for ADA. Martinez noted that after maintaining that level in January 2023, Cardano rallied by more than 88% in the subsequent weeks.
A similar pattern occurred in September 2023, when ADA found support near $0.25 before later surging roughly 243%. With Cardano currently trading above $0.26, that support range remains important to the token’s price structure.
Martinez’s analysis suggests that staying above the $0.25 zone could open the way for a move toward $0.36, while a broader rally might lift ADA toward $0.53. Conversely, a clear break below that support could trigger a deeper correction.
Scaling Debate Intensifies
Beyond price action, Cardano continues to face criticism over the pace of its development and progress on scaling. In response to such concerns, Cardano founder Charles Hoskinson recently rejected claims that the project had “abandoned scaling in favor of governance.”
Hoskinson explained that Cardano’s scaling research dates back to before the Shelley era and has encompassed years of work across Layer 2 solutions, the extended UTXO accounting model, zero-knowledge technologies, partnerchains, and the Leios protocol. He emphasized that many of these initiatives required rigorous research, peer-reviewed publications, and long-term engineering that could not be expedited simply by increasing developer headcount.
He also asserted that rolling out the Voltaire governance system did not divert resources away from ongoing scaling research.