CandleFocus

$200 Million ADA Sell-Off Fuels Fears of Cardano Price Falling Below $1

Author: Content Editor
The price of Cardano (ADA) has been decreasing recently, causing concern about it dropping below the $1 support level. This decline is partially attributed to large ADA holders, known as whales, selling off their coins to secure profits. On-chain data analysis has shown that these whales have sold a significant portion of their holdings, distributing coins worth $200 million in the past week. When major holders sell their coins, it suggests reduced confidence in the asset and adds selling pressure, potentially triggering panic selling by smaller investors. The profitability of ADA transactions in recent days has also led to increased selloffs, with traders selling for profit. Currently, ADA trades at $1.02, and breaking the resistance at $1.07 will be crucial for a potential price increase to its two-year high of $1.34.

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