Cardano’s price has been under pressure over the past few days, with ADA sliding lower as bearish momentum builds.
The decline points toward a potentially larger drawdown, particularly as long-term holders (LTHs) moved to sell into the weakness. However, whales are stepping in to counterbalance this selling activity.
Cardano Whales Attempt To Save ADA
Cardano’s long-term holders have recently shown signs of doubt, moving to sell their ADA during the broader market downturn. On-chain data reveals their selling activity reached a two-month high, signaling a shift in sentiment among this typically steady cohort.
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The selling by LTHs is concerning because this group is known for exerting a strong influence over price trends. When their confidence wanes, it often leads to extended declines. Their actions highlight growing skepticism, which could weigh heavily on ADA’s near-term performance.
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Cardano Age Consumed. Source: SantimentOn the other hand, whales are working to offset this pressure. In just three days, as ADA’s price weakened, addresses holding between 100 million and 1 billion ADA accumulated more than 460 million tokens. This inflow was worth over $375 million at the time of writing.
Such accumulation highlights whale conviction in Cardano’s longer-term potential. By absorbing the supply sold by LTHs, these large investors are attempting to stabilize ADA’s price. Their activity may prove critical in halting further downside momentum and keeping ADA from breaking below key supports.
Cardano Whale Holdings. Source: SantimentADA Price Could Witness a Correction
Cardano’s price structure currently shows the formation of a double top, a bearish chart pattern. The neckline sits at $0.80, and ADA is hovering just above it at $0.81, leaving little margin before a potential breakdown.
If ADA slips below $0.80, the double top could confirm, sending the altcoin lower. This would set a price target of $0.69, reflecting a nearly 14% decline from current levels and marking significant bearish continuation.
However, if whale accumulation proves effective, ADA could bounce off $0.80 and reclaim $0.83. A decisive move beyond this level would open the path toward $0.90, invalidating the bearish thesis and restoring short-term optimism among traders.
Source: https://beincrypto.com/cardano-price-predicted-to-crash/
