Cardano ADA Suffers from Reduced Futures Demand and Whale Selling Pressure
Cardano's (ADA) futures open interest has declined by 9% in one week, indicating reduced leveraged demand for the token. This comes as large holders, or 'whales', have sold approximately 90 million ADA since September 20, worth around $22.5 million, adding to the recent selling pressure.
According to analyst Ali Charts, the decline in futures demand has coincided with a Tom DeMark Sequential sell signal on Cardano's daily chart, which appeared on September 26 and resulted in a 10% decline. The correction may continue, with $0.24 and $0.21 identified as key support levels.
The token has struggled to hold its highs and has traded mainly between $0.24 and $0.26. Trading volume currently stands at approximately 2.68 million ADA, below the larger spikes recorded during the September rally.