Cardano (ADA) is facing renewed market pressure after well-known crypto analyst Ali Martinez revealed that whales unloaded 50 million ADA tokens within just two days.
The move, worth over $42 million at current prices, has stirred concerns about near-term volatility despite ADA’s recent recovery.
In his latest market update, Martinez highlighted blockchain data showing that addresses holding between 1 million and 10 million ADA significantly trimmed their positions. This sharp sell-off coincided with ADA’s struggle to maintain momentum around the $0.84 mark, raising doubts about whether the token can sustain its upward trajectory.
At the time of writing, ADA is trading at $0.8406 with a market capitalization of $30 billion. The token has posted a modest 0.57% gain over the past week, though the broader picture remains fragile. Technical indicators reflect mixed signals: ADA’s RSI recently spiked above 70, signaling overbought conditions, while the MACD shows signs of cautious upward momentum.
Martinez’s warning underscores a growing disconnect between short-term whale behavior and ADA’s broader market sentiment. While retail traders continue to show optimism, large holders often act as a leading indicator for potential corrections. If the selling pressure persists, ADA could struggle to defend the $0.80 support level.
Still, long-term supporters point to Cardano’s strong fundamentals and active development as reasons for resilience. Previous whale sell-offs have triggered temporary dips but were followed by periods of recovery once selling activity slowed.
For now, Martinez’s alert has put traders on notice: ADA’s immediate outlook may hinge on whether whales continue to unload or if buying pressure from smaller investors is strong enough to absorb the sell-off.
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Source: https://coindoo.com/cardano-whale-dump-sparks-uncertainty-over-ada-price/