Cardano rebounds 2% to $0.216 but faces resistance as whales reduce holdings

Cardano showed a modest recovery on Friday, with ADA rising almost 2% to trade near $0.2156 after suffering a 6% decline in the prior session. Despite this limited rebound, ADA remains below its key moving averages and the previous rising support trendline, highlighting persistent technical pressures on the cryptocurrency. Data from on-chain analytics platform Santiment revealed that wallets holding between 10 million and 100 million ADA controlled 37.93% of the circulating supply on Friday, a decrease from 38.27% reported on October 10. This reduction suggests that some sizable investors trimmed their ADA holdings in recent days, although reclassification of wallet categories could have contributed to these shifts. Meanwhile, the largest investors—wallets with more than 100 million ADA—took the opposite approach.

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