Cardano (ADA) has exhibited a sideways movement in the past 24 hours, fluctuating between $0.63 and $0.65. The recent sale of over 100 million ADA tokens by large investors has created uncertainty, prompting questions about whether ADA will witness a significant upward trend or another pullback in the short term. Market participants closely monitor for signals that might indicate price direction. 100 million ADA were recently sold by whales, and this has unsettled investors, leading to market indecision. 75% of total ADA is currently held by large holders. Despite some positive growth seen over the past week, Cardano’s value has also decreased by nearly 13% in the last 30 days. Analysts have highlighted key support levels for ADA, with a potential drop below $0.63 expected to trigger further decline to as low as $0.54. Meanwhile, trader Tardigrade suggests that the $0.64 level presents a short-term buying opportunity and predicts a target of $0.73, while other analysts remain cautious about the near-term direction for ADA. 100 million ADA were recently sold by whales, which has undoubtedly impacted market sentiment, with some arguing it’s driven by profit realization. The market remains indecisive in the face of this uncertainty. However, Charles Hoskinson, Cardano’s founder, expressed his belief that the network can play a crucial role in Bitcoin’s adoption, potentially boosting investor optimism. This potential however doesn’t seem to be translating into immediate price shifts. As a result, Cardano needs both reduced selling pressure and a technical break of resistance levels to exhibit a lasting recovery, or lower prices may persist. The article first appeared on COINTURK NEWS.