Key Moments
- Cardano (ADA) traded below $0.28 on Monday after falling more than 15% over the previous week.
- Large ADA holders have sold 160 million tokens since Thursday, adding to sustained selling pressure.
- Technical indicators, including an RSI near 27 and a bearish MACD crossover from January 18, continue to signal downside risk.
Market Context and Recent Price Action
Cardano (ADA) was under pressure on Monday, trading in negative territory and slipping below $0.28 at the time of writing. The move followed a weekly pullback of more than 15%, underscoring the weakness across the broader cryptocurrency complex, where Bitcoin (BTC) also fell below $75,000 on Monday.
Cardano is now hovering close to levels last seen on October 21, 2023, putting the token in a vulnerable position as sellers remain firmly in control.
Whale Activity Intensifies Selling Pressure
On-chain data from Santiment’s Supply Distribution metric reinforces the bearish narrative for ADA. The data indicates that large-wallet holders – commonly referred to as whales – have been reducing their exposure to the token.
Addresses holding between 100,000 and 1 million ADA (red line), 1 million and 10 million ADA (yellow line), and 10 million and 100 million ADA (blue line) have collectively sold 160 million ADA tokens since Thursday, according to the metric.
| Whale Cohort | Holdings Range (ADA) | Recent Change |
|---|---|---|
| Cohort 1 | 100,000 – 1,000,000 | Part of 160 million ADA sold since Thursday |
| Cohort 2 | 1,000,000 – 10,000,000 | Part of 160 million ADA sold since Thursday |
| Cohort 3 | 10,000,000 – 100,000,000 | Part of 160 million ADA sold since Thursday |
This steady unloading by large holders has contributed to mounting sell-side pressure and aligns with the token’s deteriorating technical backdrop.
Technical Outlook: Bears Focused on Lower Levels
Over the previous week, ADA declined by more than 15%, with the price retesting the October 10 low at $0.27 on Saturday. By Monday, Cardano was still trading in the red around $0.28.
If the current downtrend persists, ADA could push further lower toward the October 21, 2023 low at $0.24, a key level that bears appear to be targeting.
On the daily chart, the Relative Strength Index (RSI) is positioned near 27, highlighting strong bearish momentum and indicating that ADA is in oversold territory. The Moving Average Convergence Divergence (MACD) indicator has remained in a bearish configuration since a crossover on January 18, which continues to underpin the negative technical stance.
Key Levels to Watch
From a downside perspective, the October 21, 2023 low at $0.24 stands out as a critical support area if selling continues.
On the upside, any recovery attempt faces its first notable hurdle near $0.32, which corresponds with a significant daily resistance zone and could serve as an important test for potential buyers.
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