Cardano's on-chain data has recently shown signs of recovery. Addresses holding large amounts of ADA continue to increase their holdings, and daily active users have nearly doubled since the beginning of the month, indicating a recovery in on-chain participation. Meanwhile, the ADA price remains in a consolidation range, and the market is watching to see if it can leverage improved fundamentals to find its next direction.

Whales continue to increase their holdings within two weeks

According to Santiment data, addresses holding between 1 million and 10 million ADA have continued to increase their holdings over the past two weeks, with their total holdings rising from approximately 5.63 billion to 5.69 billion.

This means that large cryptocurrency holding addresses did not reduce their positions during the recent volatility; instead, they chose to increase their holdings during the consolidation phase. For the market, this type of fund movement is usually seen as a signal that medium-term confidence remains.

Daily active users rose to 15,100

In addition to large-scale increases in holdings by addresses, on-chain activity on Cardano has also rebounded. Token Terminal data shows that the network's daily active users have risen to 15,100, a significant increase from approximately 7,800 earlier this month.

A rebound in daily active users typically indicates that more users are transferring, staking, or using on-chain applications. If this trend continues, it suggests that the current recovery is not solely due to changes in large holders' holdings, but also to improvements in ordinary users and ecosystem participation.

ADA remains in a key consolidation range

ADA had previously fallen from near $0.23 to $0.155 before gradually rebounding. At the time of the report's publication, the price was around $0.175, still in a consolidation phase.

The article notes that the current price action reflects a continued tug-of-war between bulls and bears, with the short-term direction not yet fully clear. If the price regains its footing above the resistance level, the market may further focus on the $0.19 area; if it consolidates and continues to weaken, support levels to watch are around $0.16 and $0.14.

Overall, Cardano's current recovery is more driven by improved on-chain data than by mere sentiment. The simultaneous increase in whale holdings and a rebound in active users have kept the market focused on ADA's future trajectory.