According to CoinMarketCap data, Cardano, the ninth-largest cryptocurrency by market capitalization, is trading at $0.762, down 1.38% in the last 24 hours and 4.05% in the last seven days.

Amid a broader market drop in the past week, Cardano fell for four straight days since May 14. Cardano had achieved a high of $0.864 on May 12, but bulls were unable to sustain momentum as investors considered macroeconomic concerns.

ADA is currently attempting a recovery, with prices reaching intraday highs of $0.766 in the early Sunday session, but the price remains in the red daily.

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Amid the price drop, large holders referred to as whales appear to be scooping up Cardano at a discount.

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According to crypto analyst Ali, who cited data from Santiment, whales have bought over 80 million ADA in just the last 48 hours, even as the Cardano price fell.

Whales have bought over 80 million #Cardano $ADA in the last 48 hours, according to data from @santimentfeed! pic.twitter.com/XkUrVUD4f5

— Ali (@ali_charts) May 17, 2025

This accumulation trend by whales suggests that smart money is taking advantage of lower prices to load up on ADA, potentially betting on a rebound once broader market sentiment improves.

In the event of a market recovery, the focus would be on Cardano regaining the daily SMA 200 at $0.805 before moving to $0.864. If this is accomplished, ADA may target $1 next. In the case of a dip, support is expected at $0.72, ahead of the daily SMA 50 of $0.684.

Cardano continues to expand

According to the most recent information published by Input Output, Cardano continues to show steady growth across ecosystem metrics. The number of projects underway has risen to 1,999, with delegated wallets remaining steady at 1.33 million. On-chain activity also increased, with 109.37 million transactions completed and native assets reaching 10.79 million under 214,832 token policies.

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Smart contract deployment is strong, with 133,417 Plutus scripts and 6,640 Aiken scripts, representing a 0.49% increase in script activity over the previous week.

Governance engagement has increased as well, with 1,305 DReps, 954 of which are active, up 1% from the previous figure. The 224 GitHub commits represent developer enthusiasm and indicate ongoing contributions across Cardano's codebase.

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