Cardano (ADA) hit a six-year low of $0.139 on June 24, 2026, marking the latest milestone in a prolonged multi-month slump. The native token has struggled to maintain its footing following a series of network setbacks and a broader market correction.
While buyers recently attempted to reclaim higher ground, the rally stalled near $0.1903, where technical resistance from the exponential moving average (EMA) capped the rebound. Despite this price deterioration, on-chain data shows a distinct shift in behavior among large-scale investors who are using the weakness to build significant positions.
Cardano whales accumulate millions as retail sentiment wavers
The recent downward pressure was exacerbated by external events affecting the ecosystem’s stability. A security breach on the Cardano-based SecondFi wallet protocol on June 22, 2026, contributed to a sharp drop in ADA’s valuation. This followed the May 30, 2026, announcement that the Cardano Foundation had canceled its flagship summit.
The decision to scrap the event came after a failed community vote against a $2 million funding proposal. These internal governance disputes and security concerns have left ADA down more than 95% from its all-time high of $3.09 recorded in September 2021.
A notable divergence is emerging between ADA’s price action and the activity of its largest stakeholders. Wallets holding between 10 million and 100 million ADA have accumulated approximately 370 million tokens since June 15, 2026. This aggressive buying suggests that “whales” are viewing current levels—prices last seen in late 2020—as a value opportunity.
Key details
This trend mirrors similar patterns in the broader market, much like how Bitcoin exchange supply maintains multi-year lows as veteran investors move assets into private custody during periods of volatility.
However, this accumulation is not uniform across all large holders. While the 10 million to 100 million cohort is buying, wallets holding between 100,000 and 10 million ADA reduced their collective holdings by 10 million tokens during the same period since June 15.
This suggests a consolidation of supply into the hands of the most well-capitalized entities. Santiment on-chain data also indicates that dormant coins are becoming active, with the “Age Consumed” metric seeing its largest spike on June 9, 2026, since last April.
Derivatives market signals optimism despite technical breakdown
The derivatives market currently reflects a sharp contrast to Cardano’s prevailing downtrend. Long positions now account for 75% of total market exposure, indicating that leveraged traders are heavily betting on a recovery rather than further declines.
This bullish positioning comes even as ADA navigates high-pressure zones, similar to how XRP speculative activity returns when buyers attempt to test established resistance levels. For Cardano, the immediate challenge is reclaiming lost support to validate this optimism.
Technical indicators suggest the asset is deeply oversold. Cardano’s Relative Strength Index (RSI) reached 24.78 recently, a level that often precedes a mean-reversion move or a relief rally. But technical structure remains weak as ADA stays below its key moving averages.
Traders are closely watching whether the 75% long ratio leads to a short-covering rally or if further price weakness triggers a liquidation cascade for those betting on a quick bounce.
Development milestones and deteriorating network fundamentals
While infrastructure development continues, Cardano’s network fundamentals have shown signs of strain during this price slide. As of June 6, 2026, Total Value Locked (TVL) was down 75%, daily transactions had declined by 29%, and fee revenue had fallen by 45%.
The network’s TVL currently sits near $94 million, representing an 87% decline from its peak of $721 million. These figures highlight the challenge for the ecosystem as it navigates the Voltaire era of its roadmap, which focuses on decentralized governance.
Despite the slump, the Cardano ecosystem has reached several institutional milestones this year. Cardano launched its privacy-focused Midnight blockchain in March 2026, and CME Group announced Cardano futures contracts in January 2026.
These developments, along with the fact that million-token wallets now control roughly 67.5% of the circulating supply, suggest that institutional interest remains intact even as crypto liquidations rise alongside treasury yields in the macro environment. The coming sessions will determine if whale accumulation can finally stall the multi-month slide.