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Cardano (<a href="https://crypto.news/price/cardano/" rel="noopener noreferrer nofollow">ADA</a>) has been experiencing a noteworthy surge in accumulation despite prevailing bearish sentiment in the market.&nbsp; 
Despite a 35% decline in its market cap over the last four months since the yearly peak, trader sentiment toward Cardano remains subdued. However, this hasn’t dissuaded large holders from showing a continued interest in the asset. 
Per the data from Santiment, the number of wallets holding 100,000 or more ADA tokens has reached its highest level in 16 months, with a current count of 25,294 such addresses.&nbsp; 
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 🐳 Trader sentiment toward <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Cardano</a> continues to be low as its market cap is down 35% since topping 4 months ago. However, the sharks &amp; whales haven't been as deterred as one may think. There are now 25,294 wallets with 100K+ <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ADA</a>, the most in 16 months. <a href="https://t.co/Q5XKveRh5n" target="_blank" rel="noopener noreferrer nofollow">https://t.co/Q5XKveRh5n</a> <a href="https://t.co/D0dcfM6LAy" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/D0dcfM6LAy</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1690983240730054656?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 14, 2023</a> 
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This accumulation trend bucks the overall market sentiment, indicating a strong belief in <a href="https://crypto.news/cardanos-lead-developer-testing-mithril-set-for-mainnet-launch/" rel="noopener noreferrer nofollow">Cardano’s</a> prospects among big players. 
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Per data from Santiment, the surge in these high-value ADA addresses commenced in July 2022. This marked a significant turnaround following a drop from February 2021 to June 2022.&nbsp; 
Notably, the number of these addresses had dipped to a low of 23,190 on July 23, 2022, before the recent resurgence. Interestingly, this pattern has persisted amid Cardano’s roller-coaster ride.&nbsp; 
Despite ADA soaring to an all-time high of $3.1 in September 2021, the number of these high-value wallets continued to decline. This trend endured throughout ADA’s subsequent descent from the peak until July 2022.&nbsp; 
This uptick in accumulation by larger players showcases a belief in Cardano’s underlying value and potential for future growth. A similar pattern was recently <a href="https://crypto.news/cardano-whales-amass-116m-as-on-chain-volume-soars/" rel="noopener noreferrer nofollow">observed</a> among whale addresses holding between 100,000 ADA and 10 million ADA. 
Meanwhile, ADA struggles to hold above the $0.29 price territory amid the uncertainty plaguing the broader crypto market. Cardano faced persistent declines over four days, shedding off 3.71% of its value from August 10 to August 13. 
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 ADA price – Aug. 14 | Source: Trading View 
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The asset now seeks to recoup these losses, but resistance from the bears has placed a roadblock to this recovery campaign. ADA is trading for $0.2905 at the time of reporting, up 0.38% today. 
 Read more: <a href="https://crypto.news/former-sec-official-bitcoin-etf-approval-wont-happen-any-time-soon/" rel="noopener noreferrer nofollow"> Former SEC official: Bitcoin ETF approval won’t happen any time soon </a>

Cardano sees 16-month high accumulation

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