Cardano (ADA) Holds $0.24 Support. Latest Whale Action Confirms Potential Breakout

While headlines have been dominated by the Iran ceasefire extension and speculation around policy-driven market movements, Cardano has been doing something less dramatic. It has been holding ground. ADA’s price action over the past several weeks has been quiet, but the data underneath tells a more interesting story. TradingView analyst Lingrid recently highlighted this in a detailed breakdown of the asset’s current structure and on-chain activity.

 A Chart Pattern That Has Been Developing Since March

 On the 4-hour chart, ADA has been trading within an ascending broadening wedge since March 30. The pattern features expanding price swings, with the asset moving between a rising lower boundary and a rising upper boundary. What stands out is how the lower edge of this structure, sitting near $0.245, has repeatedly absorbed selling pressure without giving way.

After ADA printed a local high of $0.268 on April 17, the price pulled back and tested that $0.245 area three times between April 19 and April 23, and support held each time. The Relative Strength Index has also stabilized near the neutral zone following an earlier decline, suggesting that sellers have largely exhausted their momentum. That combination keeps the short-term outlook constructive, assuming support does not break.

Massive Whale Activity in April

The on-chain picture adds weight to the technical setup. During April, approximately 424 whales accumulated over 819 million ADA, a position worth roughly $214 million at current prices. That is not passive activity. It reflects deliberate accumulation during a period when prices were suppressed, and most retail participants were looking elsewhere.

CoinGlass data covering a 214-hour window shows that spot outflows from exchanges have been exceeding inflows. Holders are pulling ADA off trading platforms faster than others are depositing it. Shrinking exchange supply alongside sustained buying demand is a combination that historically precedes price expansion.

Two network developments have also contributed to broader confidence in Cardano during this period. The Van Rossum hard fork and the debut of the Midnight mainnet have both reinforced the project’s technical progress and kept long-term holders engaged with the ecosystem.

The Level That Determines What Happens Next

Lingrid flagged the upper wedge boundary near $0.278 to $0.280 as the next area of interest in her analysis. From the current price of $0.248, reaching that range would represent a gain of roughly 12% to 13%. The scenario breaks down if ADA closes below $0.24 on the 4-hour chart. That outcome would damage the current structure and expose the asset to a deeper pullback toward lower support levels.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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