Cardano's native token ADA climbed to $0.195 on Tuesday, its highest price since July 4, according to market data. The 26% weekly gain comes as on-chain data reveals large investors have been scooping up tokens while the broader network shows signs of renewed activity.
Analysts see a familiar pattern
Analyst Javon Marks compared the current price action to the 2020-2021 cycle, suggesting a potential move toward $2.90. Leon Voss noted that ADA broke above a long-term descending trendline and stressed the importance of holding above $0.17. Crypto Patel said the asset completed one of its deepest corrections and returned to a historical demand zone. Patel added that a move above $0.28 would strengthen the bullish structure, while a two-week close below $0.08 would invalidate the setup.
Whales accumulate, wallets shrink
Despite the price jump, the number of non-empty wallets has dropped by 7,070 over the past two months. But large investors accumulated more than 240 million ADA in just five days. Total value locked on Cardano climbed about 11% in the past week, nearing $70 million from $62.32 million. The network also ranks second in 30-day developer activity with 43 developers, trailing only Ethereum's 475 and ahead of Solana's 21.
Ecosystem developments pick up
Work continues on the Leios testnet, Hydra scaling, Mithril upgrades, and Pyth integration. Fresh Catalyst funding rounds are also underway. These projects aim to improve throughput and interoperability, though their direct impact on price remains unclear.
The next test for bulls is whether ADA can hold above $0.17 in the coming days. A break above $0.28 would give the rally more conviction, while a drop below $0.08 would signal a failed recovery.
