Cardano (ADA) experienced a significant price drop in recent weeks, with investors and whales indicating potential for continued weakness. The coin saw five consecutive days of declines, hitting a low of $0.65 before falling to its lowest point since May 8th. Its decline represents over 21% from its peak in May and 50% from its November 2024 high. This sell-off was triggered by several factors: Whales selling off large holdings, with significant reductions observed across multiple categories. On-chain data shows a drop in ADA holders to 4.49 million, down from the peak of 4.55 million in May, and whales continued selling their coins signaling further price drops are anticipated. 2023 has been a challenging period for Cardano as its value locked in decentralized finance (DeFi) dwindled significantly. Total Value Locked (TVL) dropped to $391 million from an earlier high of $27 billion in April, while cumulative DEX transactions fell to $4 billion, highlighting the project’s underperformance.