Despite Cardano's recent price slump, the backing of whales through large transactions has lent optimism to the network. Cardano's on-chain metrics, particularly its large transactions and daily active addresses, have recorded significant upticks, positioning the coin for a potential turnaround.

According to data from the crypto analytics platform IntoTheBlock (ITB), Cardano's whale transactions jumped by 5.77% in 24 hours, with a total of $10.61 billion traded. ITB defines large transactions as those with a value of at least $100,000, and the actual count of these transactions soared from 4,090 on May 9 to at least 5,120 on May 10.

Cardano's large whale transactions rank second only to Bitcoin, outperforming Ethereum and top stablecoins like USD Coin (USDC). This metric showcases Cardano's blockchain uniqueness and serves as a vote of confidence from highly liquid traders, potentially fueling a bullish rally.

At the time of writing, Cardano is down by 1.59% in 24 hours to $0.4395, but the coin's active address activity has surged by 9.14% to 30,640, a figure higher than that of Shiba Inu (SHIB) and Toncoin (TON). This increase in active addresses during a bearish price trend underscores the conviction in Cardano's utility.

Founder Charles Hoskinson remains bullish about the project's roadmap and is often teasing new upgrades coming to the mainnet. One of the latest updates is the onboarding of a Chief Technology Officer (CTO), Giorgio Zinetti, to scale the product pipeline.

Despite the current price trajectory, Cardano's attractive fundamentals are evident beyond its short-term performance. Whales' accumulation amidst the bearish trend showcases ADA's establishment, a feature that can trigger a major reboot. Bulls are targeting the $0.5 mark, with the coin flashing a buy signal.