Despite recent reversals, Cardano (ADA) has seen bullish momentum in 2023, driven primarily by smaller investors accumulating the cryptocurrency. These investors, holding between 1,000-100,000 coins, have steadily increased their holdings over the past six months, while larger investors holding between 10,000,000-100,000,000 coins have seen significant drops in their holdings.

The trend of smaller investors accumulating ADA could lead to further price increases and a broader distribution of the token. While ADA is currently facing resistance at the $0.38 level, it is expected to surpass this level once the market gains momentum.