Cardano Whales Accumulating – Why Is ADA Bearish?

Despite a massive Cardano whale accumulation, ADA, its native currency, remains bearish, prompting questions about the strength of the underlying fundamentals and whether the leg up of Q1 2023 is over. ADA’s volatility has been dropping in recent weeks despite a slew of positive developments, mainly from on-chain data.  As an illustration, the coin is down roughly 20% from April peaks and retesting a local support zone of around $0.38. Whales Doubling Down, Activity Rising In Cardano Still, even in these market conditions, there are signs that ADA whales are accumulating in the ecosystem. Although the reason for the swarm