Cardano Struggles Below $1 As Whales Dump 300M ADA

• Cardano price drops below $0.80 as whales offload millions of ADA.
• Market sentiment weakens as ADA trading volume plummets 43%.
• Investors eye $0.65 support level amid mounting bearish pressure.

Cardano Price Battles Sell-Off Pressure

Cardano (ADA) is reeling under intense selling pressure as whales dumped 300 million ADA in the past 48 hours, shaking market sentiment.

The sell-off sent ADA’s price tumbling to $0.76, a steep drop from its recent high near $1 last month. As a result, Cardano’s market cap now stands at $26.78 Billion, with investors fearing further losses.

Crypto analyst Ali Martinez highlighted the whale activity using on-chain data from Santiment, revealing that large holders liquidated their ADA holdings without initiating buybacks.

This suggests that whales may lack confidence in ADA’s short-term outlook, raising concerns about the coin’s ability to reclaim the $1 psychological level.

This mass exodus coincides with a sharp 70% plunge in ADA’s trading volume, now sitting at $1.81 Billion. Such a drop suggests that retail traders are hesitant to step in, leaving ADA vulnerable to further declines.

Cardano on the Brink—Will $0.65 Hold?

Cardano price is slipping deeper into bearish territory after losing the $0.80 support, now trading at $0.747, down 8.12% in 24 hours. With sellers in control, ADA is approaching $0.65, a critical level that could decide its next move.

The daily chart shows a clear breakdown, Cardano price dropped below the S1 pivot at $0.79553, signaling more downside ahead. If $0.65 fails to hold, the price could test $0.60.

The RSI sits at 29.14, deep in oversold territory. This suggests selling pressure is heavy, but it doesn’t guarantee a reversal. If the RSI falls further, the decline could continue.

The DMI confirms the bearish trend, with the -DI (red) at 27.00, far above the +DI (blue) at 8.23. Until this gap closes, bulls remain weak.

For any recovery, ADA needs to reclaim $0.80 and break past $0.965. Otherwise, a drop to $0.65 looks likely, with $0.60 as the next major support.

Retail Traders Bet on a Comeback—But Will it be Enough?

Open interest in ADA futures has jumped by 2.15% in the past 24 hours, indicating that traders are still placing bets on the token’s future movement.

Interestingly, the long-to-short ratio currently stands at 0.9673, meaning bearish positions still slightly outweigh bullish ones. However, open interest recently flipped positive at 0.0005%, suggesting that some traders are preparing for a rebound.

Unlike whales, who have been offloading their holdings, smaller traders cautiously increase their positions, hoping for a turnaround. However, Cardano may struggle to regain lost ground without stronger buying momentum.

Cardano price faces a critical test as whale sell-offs and dwindling volume exert downward pressure. ADA might see a short-term rebound if the $0.65 support level holds. However, the path to $1 remains uncertain without strong whale buybacks.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.