Cardano's value has experienced a double-digit decline in the past week, dropping by 11% to trade at $1.04. This decline is attributed to a decrease in holding time and a surge in selling activity from large investors. On-chain analysis shows a sharp decline in the holding time of transacted coins, indicating increased selling pressure and a potential shift in market sentiment. Additionally, ADA whales have reduced their coin accumulation, reflecting a cautious stance and lower accumulation and selling activity. The Balance of Power indicator confirms a bearish outlook, with a potential for ADA's price to fall below $1. However, if momentum becomes bullish, the price could break above the resistance level and reach its two-year high of $1.32.



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