Cardano (ADA) Price: Whales Accumulate as Stablecoin Supply Doubles Year-Over-Year

TLDR

• ADA is holding near $0.24, with key support at $0.23
• Cardano’s stablecoin supply has more than doubled year-over-year
• Whale accumulation spikes have increased since March, especially during price dips
• On-chain network activity has stabilized after a prolonged decline
• Analyst MasterAnanda sees Fibonacci targets up to $1.05 from current levels

Cardano (ADA) is trading near $0.24 after a recent dip to $0.2342 on March 31 — the lowest price seen since February 6, when ADA fell to $0.220. The coin has dropped around 5.8% in the past 24 hours, mirroring weakness across the broader altcoin market.

Despite the price drop, on-chain data is telling a different story. Cardano’s total stablecoin supply on-chain has more than doubled year-over-year, reaching new cycle highs. This means more deployable capital is sitting within the Cardano ecosystem.

The $0.23–$0.28 range is a known demand zone. ADA last traded at these levels in August 2024, before rallying to $1.32 by December 2024.

Whale activity has also shifted. Data tracking the whale vs retail delta shows stronger and more frequent accumulation spikes since early March. These spikes are happening near range lows, suggesting larger players are buying into weakness.

Network activity has stopped falling. Active addresses and transaction data show the prior downtrend has flattened. This stabilization follows a prolonged decline and may indicate a base is forming.

Analyst Sets Fibonacci Targets

TradingView analyst MasterAnanda flagged the March 31 dip as a potential entry point. He described the move as a higher low, which he sees as a buying opportunity within the current support band.

His chart targets the 0.382 Fibonacci retracement level at $0.643 and the 0.618 level at $0.904. He added that the move could extend to $1.05.

MasterAnanda recommended a 10x long position with a 5% allocation, with an entry between $0.2050 and $0.2500. The stop loss is a weekly close below $0.2230. At the upper target, this setup would return 3,270%.

Resistance Levels to Watch

On the upside, $0.27 is the immediate resistance. $0.33 is the key breakout level. A move above that range would open the path toward $0.40–$0.50.

If Cardano loses the $0.23 support level, the accumulation structure breaks down and further downside becomes likely.

Bitcoin has shown resilience, bouncing from under $65,000 to above $68,000 recently. Ethereum reclaimed $2,100 before pulling back but remains above $2,000. This broader stability is seen as supportive for ADA.

At press time, ADA is holding near $0.2357, just above the March 31 low of $0.2342.

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