Cardano's (ADA) price is currently stuck in a sideways movement, unaffected by broader market trends. This is due to the dominance of ADA whales, who are influencing the price by selling their holdings. In late May, these large wallet holders sold over 290 million ADA, worth around $130 million, causing a significant supply shock to the market.

This sale has resulted in a consolidation period, with the price struggling to recover. However, there are signs of increasing participation on the network, with more addresses transacting on the Cardano blockchain. This rising demand and liquidity could be a positive sign for the asset, but it may also lead to further consolidation.

The price movement is reflected in the chart analysis, which shows Cardano's price trapped in a symmetrical triangle. This pattern typically indicates a consolidation period before a breakout in the direction of the current trend. While the outcome is likely to be bullish, the price may experience further sideways movement before a significant rise.

For Cardano to break out of this consolidation, it needs to secure $0.46 as a support base. If this level is tested and holds, the bearish trend may be invalidated, and the price could rise to $0.50 and above, eliminating recent losses. However, if the price fails to hold this level, the sideways movement may continue.

In conclusion, Cardano's price is currently driven by the actions of ADA whales, leading to a sideways movement. While there are signs of increasing participation and demand, the price may remain stuck in this consolidation period until a breakout occurs.