It was just yesterday that we wrote about ADA breaking out, as the asset had climbed to a multi-month peak of over $0.27 and analysts had just turned highly bullish, with massive price predictions flying left and right.
However, the asset was rejected badly. In fact, ADA is down by over 8% in the past 24 hours and now sits below $0.255. This is rather surprising given the latest developments on the whale front.
Whales Waking Up
Data provided by Santiment Intelligence indicates that there’s a significant increase in activity among the largest market participants in the broader Cardano ecosystem. Transactions worth at least $100,000 jumped to 314 on October 5, the highest level of such activity in over four months.
It’s worth noting that higher whale transaction counts show that large holders are becoming more active again, but do not reveal whether they are buying or selling. Cardano crowd interest is on the rise again as ADA’s social dominance reached 1.16%. This became its highest reading for the year after the token rallied from under $0.19 to over $0.27 within a few weeks.
Santiment explained that fresh developments, including the October 1 RealFi mainnet launch, anticipation surrounding Leios, Fireblocks support, and additional institutional integrations, have helped put Cardano back on the social media map. After all, the asset’s market cap gained over 42% since September 16 before today’s pullback drove it south.
Cardano Whales Wake Up, ADA Marketcap Now Up 42% Since September 16th!
Cardano’s +42% run since September 16th has whales moving again. ADA transactions worth at least $100K surged to 413 in one day, marking the highest whale activity since June 4th.
The crowd has suddenly arrived to the party as well. ADA’s social dominance hit 1.16%, its highest level of 2026. The altcoin’s move from ~$0.19 to ~$0.27 has clearly pulled Cardano back into the crowd’s spotlight.
What’s causing all this? Fresh project developments are adding fuel. RealFi launched on Cardano mainnet October 1st, while anticipation around Leios, Fireblocks support, and new institutional integrations is helping drive Cardano’s biggest discussion spike of the year.
Our Live Cardano Chart: https://t.co/txYFvaHIzO
— Santiment Intelligence (@SantimentData) October 6, 2026
Was Leverage to Blame?
As mentioned above, ADA has slumped over 8% in the past day, making it the worst-performing altcoin among the 30 largest digital assets. Some of the blame could be on leveraged positions. As reported yesterday, ADA open interest increased by 25% in just days to over $300 million.
That made the rally more than a simple short squeeze, but it also meant more leverage exposure was sitting in the market when price direction flipped. ADA was up by almost 11% to over $0.27 on October 5, but the subsequent market-wide liquidation flush has now erased a major portion of those gains.
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