Cardano’s ADA token rebounded to approximately $0.28 after finding support between $0.254 and $0.260. The recovery from a February low of $0.219 has formed a pattern of higher lows, signaling gradual accumulation. Technical indicators show bullish momentum, but large wallet holders have recently reduced their balances, introducing uncertainty as ADA approaches key resistance levels.
The price of Cardano‘s ADA token was trading near $0.2768, rebounding from a support band between $0.254 and $0.260. This followed a sharp drop in February, where the price briefly touched a cycle low of $0.2194 before buyers intervened.
Since that low, ADA has formed a sequence of higher lows, alluding to gradual accumulation. At the time of writing, the price was challenging the $0.287 resistance while a broader ceiling near $0.302 continued to cap upside attempts.
Bollinger Bands revealed tightening volatility, with the price pushing above the middle band around $0.2646. Meanwhile, the RSI at 68.55 was approaching overbought territory, signaling strong buying pressure but possible exhaustion ahead.
The MACD was positive, with rising histogram bars supporting upward momentum. As traders defend the $0.26 support, a breakout above $0.287–$0.302 could attract momentum buyers.
Data from Santiment revealed that large wallets holding over 1 million ADA reduced balances from 13.73 billion to about 13.42 billion ADA over the past week. This roughly 130 million ADA decline followed previous accumulation of about 454 million ADA during February’s rebound.
While such a reduction was notable, the broader distribution remains highly concentrated among large holders. Exchange inflows did not spike, suggesting these tokens were not aggressively sold on the open market.
Instead, whales appeared to be redistributing liquidity or rotating positions. This measured repositioning may reflect profit management rather than a decisive shift towards distribution.
ADA has continued to trade near $0.2795, continuing its rebound from a capitulation low of $0.2459. From there, buyers reclaimed key Fibonacci retracement levels sequentially, first recovering $0.2537 and $0.2617 before pushing through to $0.2700.
The steady hike now places ADA directly under the $0.2849 extension resistance, where the next directional test is. The RSI around 69 hinted at strong bullish momentum despite an overbought reading alluding to potential short-term cooling.
If bulls sustain pressure and secure a close above $0.2849, the structure will open a path to $0.2970. However, if momentum stalls, traders will likely watch $0.2700 as the immediate support that must hold to preserve the recovery structure.
