Cardano (ADA), one of the popular altcoins in the cryptocurrency market, did not perform well last month. After a sluggish month, ADA looks poised for a resurgence.

Given the current trend of accumulation among whales, it can be said that the trend will soon turn to an uptrend.
Cardano (ADA) whales are returning to the game
In a post released Tuesday, Santiment shared something interesting about Cardano whales. Whales in this example refer to wallets holding between 100,000 and 10 million ADA tokens.
What Santiment shares is that this group is constantly increasing their balance. The accumulation first began a little over two months ago, on May 21. Whales have since purchased a total of $116.1 million worth of tokens.
This buying frenzy has also increased trading volumes significantly during this time. As the on-chain data shows, the cumulative volumes of whales exceeded 67 billion ADA tokens towards the end of July.
As a result of their steady intake, whales now hold 34.4% of the total circulating ADA supply. Additionally, cumulative trading volumes are currently at their highest level since September 2021.
Will the price respond positively?
In the last two months that Cardano whales have been active, the price has made some encouraging moves. The trendy altcoin jumped from below $0.3 to a local high of $0.37 in July. However, it eventually corrected to the downside, losing just over 20% of its value.
Since then, the altcoin has consistently struggled to hold the $0.29 level, with bears having better days than bulls. However, given that investor sentiment is in favor of buying rather than selling, a change may be on the horizon.
This means that increased buying pressure could allow the ADA price to recover quickly as demand increases. Therefore, ADA is expected to retest the critical resistance located at $0.35. If this rally coincides with a recovery in Bitcoin (BTC) price, then it could quickly rise above the $0.4 level, surpassing its recent local high of $0.37.
But for this to happen, the bulls will need to stay in control. The 6% increase in daily trading volume could be proof that the bulls are stronger right now.
ADA has gained 2.93% in the last 24 hours and is trading around $0.2991 at the time of this writing. However, it still has a 2.33% loss on the weekly chart.
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