📉 Cardano Whales Make a Splash with a $120 Million Move: Is ADA Price at Risk? 🚨💸

As Cardano (ADA) wobbled below the crucial $0.50 level on January 19, a surprising revelation unfolds in the on-chain data: Cardano whales have made a significant $120 million move, leaving traders questioning the future of ADA's price.

🐋 Whale Activity Unveiled: $120 Million ADA Sell-off!

Cardano's price, after enjoying substantial gains in the first 10 days of January, faced a 25% drop below $0.50 on January 19.

Beyond the surface, on-chain data from Santiment reveals a substantial sell-off among Cardano whale investors. Whales holding between 1 million and 100 million coins collectively sold 240 million ADA between January 17 and January 19, slashing their balances from 18.3 billion ADA to 8.1 billion ADA.

📊 Cardano (ADA) Whales Wallet Balances | Santiment

💸 Bearish Signal: Whales' Sell-off as a Potential Downward Pressure!

At the current price of $0.50, the $120 million ADA sell-off by whales is raising concerns. The decline in balances held by these whales is interpreted as a bearish signal, and if this trend persists, it could overshadow bullish retail traders, exerting intense downward pressure on ADA's price.

📉 Cardano Price Forecast: Bears Eye $0.45

Analyzing the on-chain data, the whales' selling spree seems to be a significant driver of the ongoing Cardano price downtrend. Without a substantial surge in market demand, ADA's price appears poised for further decline. However, hope lies in the potential establishment of a significant buy wall at the $0.48 area.

IntoTheBlock's IOMAP data indicates that 53,600 addresses have acquired 204 million ADA at a minimum price of $0.48. Yet, if bears manage to break this initial buy wall, a wave of panic sell-off could push prices towards $0.45.

🚀 Stay Informed, Stay Cautious: Monitor ADA Trends with The Blockopedia! 🌐🔍

#CardanoUpdates #CardanoPredictions #CardanoJourney #cryptocurrency #crypto2024SpaceCatch