A significant sell-off by Cardano whales has been observed, with over 140 million ADA sold within two weeks. This action reduced the share of large holdings to less than 15% of the circulating supply. While this shift may create short-term price volatility, technical support levels remain intact according to market analysts.
Recent whale activity in Cardano has seen a notable reduction in holdings of over 140 million ADA. This move reflects a profit-taking strategy by whales holding between one and ten million ADA tokens, as indicated by crypto analyst Ali Martinez. Notably absent is commentary from Cardano leadership, including Charles Hoskinson.
The immediate impact on Cardano’s market price remains limited, with ADA prices holding steady around $0.88 despite the significant sell-off. Trading volumes are robust, reaching approximately $1.2 billion, further signaling confidence in the market. Analysts observe potential technical patterns that could point towards future bullish trends. Notably, they predict price support and stability as long as key levels hold.
Previous large profit-taking events in Cardano have shown a trend of limited immediate downturns. A broader market turnaround typically follows consolidation phases, suggesting possible rebound opportunities for ADA’s prices. Experts continue to monitor the situation without any immediate regulatory concerns or panic in the market. Historical resilience within the Cardano market provides some optimism about the price strength pending wider cryptocurrency market conditions.