Cardano (ADA) continued to trade within a tight range on Thursday as the broader crypto market struggled to regain momentum following a wave of high-liquidity selling activity.
Notably, over the past seven days, the cryptocurrency declined by nearly 10%, mirroring weakness seen across several major digital assets as traders reacted to profit-taking and macro-driven uncertainty.
However, despite the recent pullback, a growing number of crypto analysts believe the correction may be setting the stage for a stronger recovery phase, with some projecting significant upside potential for the asset in the ongoing market cycle.
The optimistic outlook comes at a time when Cardano’s long-term holders appear to be increasing their exposure rather than exiting the market.
According to analyst Celal Kucuker, Cardano may still be significantly undervalued despite recent market weakness. The analyst pointed to ADA’s strong technical structure, arguing that the asset continues to show bullish momentum and could potentially rally toward the $4 level during the current bull cycle.
 
Meanwhile, analyst Crypto Patel pointed to the significant increase in whale accumulation as a major factor supporting a bullish long-term thesis for ADA.
The analyst noted that wallets with significant Cardano holdings have been adding to their positions while retail investors remain impatient despite a lack of price action.
According to the analyst, whales hold about 67% of the circulating ADA supply, which is the highest concentration among large holders since 2020. He argued that such accumulation patterns have always preceded significant price increases in crypto markets, adding that his long-term target for ADA is around $10.
Recall last week, data shared by popular analytics firm Santiment highlighted a continued accumulation trend among large Cardano holders.
According to the platform, wallets holding at least 1 million ADA have steadily increased their positions since December 2023, signaling sustained buying interest from major investors despite broader market fluctuations.
The analytics platform noted that these large wallets now collectively own over 25 billion ADA tokens, representing more than two-thirds of the asset’s existing supply.
Santiment further observed that whale investors have continued accumulating despite ADA losing a substantial portion of its market capitalization over recent months.
The firm suggested that this behavior indicates growing confidence among high-net-worth investors who may view current price levels as discounted relative to Cardano’s longer-term potential.
At press time, ADA was trading at $0.2499, reflecting a 0.06% drop in the past 24 hours.
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