Whale Sell-Off Sends Cardano (ADA) Price Down 20% Amid Market Slump
Cardano (ADA) has experienced a significant sell-off, with over 70 million tokens offloaded by whales from January 7 to January 9. This resulted in a 20% price decline, bringing ADA's value down to $0.9213.
- In the past 24 hours, ADA dropped 7.5%, amidst a broader market slump of 2.24%.
- Current market cap stands at $32.28 billion, ranking ADA 9th among cryptocurrencies.
- The Relative Strength Index (RSI) is at 45, indicating potential overselling pressure.
- Active wallets for ADA are decreasing, but professional traders may benefit during dips.
Future Potential
Despite recent declines, ADA tripled in price following political events signaling a crypto-friendly administration. The token previously reached $1.14 but remains 70% below its all-time high of $3.10.
- A Plomin hard fork upgrade is anticipated this month, aiming to enhance governance and decentralized operations.
- Analyst Dan Gambardello noted a bullish long-term setup, suggesting potential for a rebound despite short-term bearish trends.
- Mid-term price targets vary, with some analysts projecting ADA to reach between $3.00 and $6-$8 by cycle’s end.