Cardano's price has taken a sharp 22% dip in the past week, aligning with the overall market downturn. Currently trading at $0.73, Cardano stands as the eighth-largest cryptocurrency by market capitalization.

Despite this, Cardano's long-term holders (LTHs) are unshaken. On-chain data reveals that they are holding onto their assets steadfastly instead of offloading them.

The commitment of ADA's LTHs to HODLing is evident through the increasing Mean Coin Age, with a 1% rise noted since March 3, according to Santiment. The Mean Coin Age of an asset signifies the average age of all circulating coins, offering valuable insights into market trends and investor holding behaviors.

An uptick in Mean Coin Age implies that investors are embracing a long-term approach, signifying confidence in the asset's enduring value. This demonstrates strong conviction and suggests a potentially bullish future for ADA, especially against the backdrop of recent market challenges.

Additionally, large ADA holders, known as whales, have upped their accumulation during the observed period, highlighting a surge in positive sentiment towards the altcoin. On-chain data by Santiment indicates that whales with holdings ranging from 100,000 to 1,000,000 coins collectively procured 20 million ADA in the past week.

This increased accumulation by significant investors underscores their strong belief in the asset, reducing its available supply and generating upward price momentum.

With a positive Balance of Power (BoP) of 0.30 on the daily chart, buyers currently dominate the ADA market, exerting more influence than sellers. This bullish signal suggests a potential upward trajectory, potentially propelling ADA's price towards $0.94. Should this level switch to become a support base, it could pave the way for ADA to surge to $1.16.

However, in a scenario where sellers reclaim control, ADA's price might retreat to $0.60.