Cardano Price Hit by Whale Selling as ADA Sees Consolidation

Cardano's price has been affected by whales dumping 100 million ADA tokens, causing some traders to take profits following last week's rally.

The ADA token gained over 24% during the previous week due to the US Treasury's decision to double its debt buyback operations.

However, large Cardano holders have started reducing their positions, as seen in Santiment's Supply Distribution data. These whales collectively sold 100 million tokens since Saturday.

The derivatives market also reflects a more cautious outlook with a long-to-short ratio of 0.86 on Monday, near its lowest level in over a month. This indicates that short positions outnumber long positions, suggesting more traders expect Cardano's price to decline.