Cardano price seems to have completed its recent pullback, bouncing off key support as whales accumulated, positioning for the next upward move.
After retreating from a recent high of $1, Cardano sharply rebounded from $0.84 yesterday. This marks the third consecutive higher low, following prior lows near $0.68 and $0.51, reinforcing the ongoing uptrend.
Importantly, the latest low coincides with the breakout zone of the earlier double bottom formation, strengthening this support level and increasing the likelihood of a continuation toward higher prices. If bullish momentum persists, Cardano could soon retest the $1 level, with potential for a breakout above it.
On the downside, a clear break below $0.84 would weaken the short-term bullish case, jeopardizing the higher-high, higher-low structure and raising the risk of a further drop toward $0.68.
Whales and retail bet on Cardano price to rally
A key factor behind Cardano’s recent price movement is substantial accumulation by major investors. Reports show that whales have purchased around 100 million ADA during the pullback to a critical support level, signaling strong confidence among large holders that the uptrend is likely to persist.
Retail sentiment also appears strongly bullish. Data from Hyperliquid shows that long positions on ADA exceed 79%, while short positions account for only about 20%.
