- Whales dump 140M ADA, signaling possible price correction ahead.
- Cardano shows resilience above $0.88 despite heavy whale sell-off.
- Whale profit-taking could cause major ADA price shift soon.
Cardano (ADA) is facing significant market turbulence as whales have recently offloaded a staggering 140 million ADA in the last two weeks. On-chain analyst Ali Martinez has reported this massive sell-off that has caused ripples in the market. As the price of ADA has recently rocketed past the $0.80 point, the whales are cashing in on the situation to make profits, and this leaves the market in a volatile condition.
The price of Cardano has been very resilient despite the heavy selling pressure. ADA is currently stable at the mark above $0.88, at the level of $0.8844. The asset had already reached its peak of $0.8941 before some fluctuations in asset prices occurred, but it has demonstrated a fairly good position above the $0.88 level.
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Whale Activity Raises Concerns About Cardano’s Price Stability
The massive 140 million ADA sell-off has created significant selling pressure, which could ultimately trigger a price correction. Whales think that ADA is at its peak in the present and opt to sell off parts of their stocks so that they can guarantee returns. As a result, ADA’s trading volume has dropped by 6.76%, now sitting at $1.23 billion.
Even though the indicators are bearish, some positive ones concern Cardano. The Relative Strength Index (RSI) also stands on the bullish side, implying that a further increase may still be in store. However, the actual test of the ADA price will be to see whether large holders stop their selling and begin to accumulate once more. In case they do, another price rise will occur in Cardano. Otherwise, the selling pressure can cause a bigger pullback in the near future.
Although it has demonstrated its strength by remaining above the value of $0.88, traders are closely monitoring the whales’ activity. The future of ADA largely depends on whether the whales continue their profit-taking spree or decide to shift gears and return to accumulation.
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