ADA price analysis: Why not bullish despite increased whale activity?

The price of Cardano (ADA), one of the hottest altcoins in the cryptocurrency market, has remained neutral amid recent regulatory disputes with the SEC despite increased whale activity. Are investors losing interest in the Cardano ecosystem?
The Cardano team has made several attempts to address the centralization concerns highlighted in the SEC lawsuit. But that didn't exactly resonate with retail network participants.
Whales are active
Amid ongoing regulatory bickering, on-chain data shows Cardano is maintaining a healthy level of whale activity.
As seen below, the whales in the network maintained stable trading activity even as the ADA price dropped to a 2-year low of $0.23.
The chart below shows that Cardano has processed an average of over $100 million in daily transactions since June 2023.
The Whale Transactions metric shows the number of daily transactions exceeding $1 million. As shown below, Cardano whales have maintained a generally neutral trend over the past month.
If ADA price breaks out of the resistance at $0.30, increased traction among the whales will be crucial for recovery.
Investors remain neutral
While Cardano whales remain largely neutral, the same cannot be said for retail network participants.
On June 10, Cardano recorded 104,780 Daily Active Addresses at a recent all-time high. At the close of 6 July, only 49,854 active addresses were registered. This represents a significant decrease of over 52%.
The steady declines in Daily Active Addresses interacting on Cardano indicate that retail network participants are not yet fully convinced of the recent regulatory wrangling.
If active users remain low, the price action of the favorite altcoin will likely remain neutral in the coming days.
ADA price prediction:
Considering the on-chain indicators, the price of the favorite altcoin will remain neutral and consolidate around $0.30 in the coming days.
Exchange Chain Depth of Market shows that the 10.5 million ADA sell wall around $0.30 could be overwhelming for the bulls.
However, if this resistance is unexpectedly broken, the altcoin's price could approach $0.32 for the first time in more than a month.
On the other hand, there is a chance for the bears to hold if ADA drops below $0.25. However, the huge buy wall of 9.37 million tokens could neutralize the bullish pressure.
However, if this support point is also lost, the price of the favorite altcoin could drop below the $0.25 level.
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