Cardano Whales Sell Millions Amid Bearish Signals
Large holders of Cardano's ADA token have begun selling millions of dollars' worth of their holdings, coinciding with bearish signals in the market. According to blockchain analyst Ali Martinez, wallets holding between 1 million and 10 million ADA have decreased from 2,370 to 2,340 in just nine days.
This indicates that some large holders may be taking profits or redistributing after the recent price increase. The token's value has slipped from above $0.202 to $0.188 as pressure from major holders intensified.
The selloff is being reinforced by on-chain deterioration, with exchange supply rising sharply and Cardano's MVRV ratio crossing below its seven-day simple moving average, creating a 'death cross'. Technical indicators are also adding caution, with the Tom DeMark Sequential system producing a bearish countdown sell signal.
The next critical question is whether buyers can defend $0.170 as ADA moves deeper into its trading range. If selling pressure continues, this level represents the nearest zone of significant contention, making it an important test of retail demand's ability to absorb supply released by wealthier Cardano holders.