Cardano (ADA) remains among the top 10 altcoins by market capitalization, but its price is still hovering around 2024 levels. While many holders have expressed disappointment with ADA’s performance, accumulation continues quietly behind the scenes.
What is the evidence supporting this trend and what impact could it have? The following analysis is based on on-chain data and expert insights.
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How is Cardano (ADA) whale growing in November?
According to Santiment data, “whales” and “sharks” (investors with 100,000 to 100 million ADA) are amassing large sums of money in a short period of time.
Over the past four days, these large holders have purchased 348 million ADA worth approximately $204.3 million, representing 0.94% of the total ADA supply.
This represents the strongest accumulation since May. Notably, this buying activity comes as ADA’s price has corrected more than 30% since last month and remains below $0.60.
While many retail investors appear to have retreated, whales appear to be viewing the decline as an opportunity to secure a better entry position. With small traders sidelined, smart money is quietly accumulating and volatility is kept to a minimum. Analysts see this as a potential signal of a bullish phase ahead.
“Many are calling Cardano (ADA) ‘dormant’, but the charts whisper a different story. Millions of ADA are being quietly scooped up by whales and institutions. On-chain data shows that this ‘silence’ is not weakness, but an accumulation of precision. With retail out of sight, smart money is piling in without raising any alarms.” — BeLaunch commented.
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Past patterns suggest a potential upside.
Historical ADA price patterns suggest that strong increases often occur after long consolidation periods of approximately 10 months.
DApp analysts highlighted this trend by comparing their behavior in 2025 with that of the past two years. ADA experienced strong bull markets in both 2023 and 2024 after long periods of consolidation, delivering gains of 200% to 300%.
As of October 2025, the situation looks similar to what it was in the past and could form the basis for further upside. Combined with the current whale accumulation, this correction strengthens the bullish outlook.
“Will 2025 be like 2023 and 2024? $ADA has been consolidating between $0.5 and $1.3 all year. Will it finally break out?” — a DApp analyst wondered.
Cardano Summit 2025 will also be held in Berlin in November. Remarks from project leaders at the event are expected to reignite optimism among ADA investors this month.
However, overall market sentiment remains cautious. The altcoin’s seasonal index remains at a low of 39 points, reflecting deep-seated fears that are a potential headwind for ADA’s recovery despite increased accumulation and bullish settings.