Cardano (ADA) has experienced a decline of 3.0% this week, currently trading at $0.4530. This downturn comes after the token attempted to recover from a significant loss, dropping by 10.1% to $0.4180 on May 1st. In its effort to regain traction, ADA is aiming to re-enter the ascending channel established since October 19, 2023. However, achieving this goal requires prices to surpass the $0.4600-0.4700 range.

Investor sentiment remains cautiously optimistic, as there has been observed increased activity among whales accumulating ADA tokens. Over the past 8 days, there has been a daily average of $13.84 billion in large transactions, suggesting the potential for a forthcoming rally in ADA prices.