Cardano, a prominent cryptocurrency, has been experiencing a relatively quiet month, but beneath the surface, a significant development has been unfolding. Cardano whales, a group of investors holding between 100 million and 1 billion ADA tokens, have been accumulating more tokens, adding 11% to their wallets in the last month alone.

This surge in whale activity may indicate growing confidence or strategic moves among major ADA investors, who now hold 6.71% of the total supply. Historically, such increases in whale activity have been associated with potential price reversals, signaling changes in market sentiment. However, ADA's recent modest recovery of over 1% in 24 hours, trading at $0.4594, seems to be following the broader market trend.

Despite this, experts predict a potential price target of $7.80, similar to its rise in 2021, while other bullish predictions suggest a possible reach of $1.70 or even a "parabolic" peak of $10. This optimism may be fueled by speculations about Gemini exchange listing ADA, which could trigger significant price movement.

However, amidst these positive sentiments, user activity on the Cardano network has been declining since March, with daily transactions and active addresses significantly decreasing. This raises concerns about the current usage and adoption rates of the network, highlighting the need for increased user engagement to support the growing confidence in Cardano's price potential.