Cardano Whales Sell 350M ADA Amid 15% Price Decline
Prominent crypto analyst Ali Martinez reports significant selling activity by Cardano [ADA](https://holder.io/coins//) whales. Large addresses, holding between 100 million and 1 billion ADA, sold approximately 350 million ADA tokens recently.
- This action coincides with a 15% weekly price decline for ADA.
- The sales suggest profit-taking or reduced confidence among major holders, contributing to short-term bearish sentiment.
Whale Activity and Price Impact
- Martinez notes the sell-off occurred after ADA tested its multi-month resistance line.
- On-chain data shows no significant exchange inflows beyond whale sales, indicating retail investors are holding steady.
- ADA's price remains within a large symmetrical triangle formation since 2022.
Price Analysis and Support Levels
- ADA is currently trading at $0.69, near critical support between $0.53-$0.71.
- Breaking above $0.90 could lead to targets of $1 and $1.8.
- Bollinger Bands indicate tightening volatility with sellers controlling the short term.
Technical Indicators
- RSI is around 45.6, MACD histogram is slightly negative but flattening.
- Chaikin Money Flow (CMF) is near neutral at 0.11, showing slowing capital outflows.
Potential Outcomes
- A breakout above $0.75-$0.80 could initiate a rally towards $0.90 and potentially $1.8662.
- If ADA falls below $0.53, it may invalidate the current pattern and risk declining to $0.40 or lower.