In recent times, Cardano whale wallets have been accumulating ADA tokens at a rapid pace, indicating a trend of accumulation among large holders. However, despite this accumulation, many of these whale wallets are currently in a position of loss, remaining "underwater" as far as their investment value is concerned.

The overall number of holders has stabilized or flattened out over the past few weeks, a sign of decline in new entrants. Cardano whales have increased their supply, with wallets holding 100 million to 1 billion ADA tokens accumulating approximately 11% more ADA over the last 30 days. As a result, this group of whale wallets now collectively holds around 6.5% of the total ADA supply.

Conversely, examination of the largest holders — Wallets containing 1 billion ADA or more — seemed to indicate that accumulation has tapered off in recent times. This suggests that while these large holders are not actively accumulating more tokens, they are also refraining from selling off their existing holdings.

New holders have stalled, with the total number of ADA holders remaining the same. Analysis of the overall number of holders indicates that the trend has recently flattened. At the time of writing, the number of ADA holders stood at approximately 4.47 million. Examining the trend revealed that this number has remained relatively constant since January, with a slight hike to around 4.48 million in February, but quickly reverting to its press time level on the charts.

The 30-day Market Value to Realized Value ratio (MVRV) of Cardano indicated that buyers who acquired ADA during this period are currently holding at a loss. The chart analysis revealed that ADA dipped below zero on around 16 March and has remained below this threshold since then. At press time, the 30-day MVRV stood at -9.11, a sign that holders who purchased ADA in the last 30 days have been recording a loss of over 9% on their holdings.

ADA continues to chase the bull trend, with an analysis of Cardano's daily timeframe chart revealing a slight uptick in its price. The chart depicted a hike from around $0.42 to over $0.45, reflecting a modest increase of over 5%. At the time of writing, it held steady around the $0.45-price level, noting minor fluctuations between gains and losses.

The $0.42-level will serve as immediate support for ADA. However, Cardano will remain in a bearish trend in the short-term, as indicated by its Relative Strength Index (RSI). And yet, this prevailing trend might be relatively weak too, with the RSI hovering close to the neutral line on the charts.