Cardano Whales Start Selling as October Sees Uncertainty

Cardano's strong September performance has given way to uncertainty in October. The ADA token ended the previous month with a gain of about 23%, but large crypto investors are now selling their holdings. Since September 20, whales have reportedly sold nearly 90 million ADA, worth around $22.5 million at current prices.

The decline in ADA sales comes after a significant rebound in September. However, this time the market is more cautious due to the large-scale selling by whales. This phenomenon is not new to Cardano, as it experienced similar sales in August when ADA had previously rebounded.

Looking at the derivatives market, open interest on futures contracts has declined by 9% since September 20, indicating that traders are becoming less aggressive after several weeks of gains. A break below a technical level around $0.24 could potentially lead to further price drops, while a recovery above this level may see ADA rebound towards $0.28.