Cardano post
) Upcoming Sell-Off? Whales Sell 70 Million Tokens appeared first on Coinpedia Fintech News
Amid market instability, the native token of the Cardano blockchain appears to be depreciating as whales have been spotted selling off their assets.
Whales sell off 70 million ADA tokens
Today, January 9, 2024, a prominent cryptocurrency expert posted on X (formerly Twitter) that cryptocurrency whales have sold off a large amount of 70 million ADA tokens.
Whales have sold over 70 million #Cardano in the past 48 hours! pic.twitter.com/dJWRG4shhN
— Ali (@ali_charts) January 8, 2025
A post on X also notes that this significant sell-off has occurred in the past 48 hours, indicating that the market collapse has begun. However, the impact of this major sell-off has been reflected in the price of ADA, which has fallen over 20% since the market collapse began.
ADA Technical Analysis and Price Prediction
This significant price drop has caused ADA to break one of its key support levels at $0.95, and it seems to be closing daily candles below this level. Based on recent price action, if the altcoin closes daily candles below this important support level, there is a high likelihood it will drop an additional 20% to reach $0.75.
Source: Trading View
Meanwhile, ADA's Relative Strength Index (RSI) is nearing the oversold region, suggesting potential for a price rally, but the sell-off by whales raises concerns about short-term recovery.
$51 million outflow from exchanges
In addition to the significant sell-off in the past 48 hours, some long-term holders seem to be accumulating ADA, as reported by on-chain analytics firm Coinglass.
Data from Inflow/Outflow shows that exchanges have seen outflows of over $51 million in ADA tokens. This indicates that token holders have withdrawn these large amounts from exchanges, suggesting accumulation potential and hinting at a potential buying opportunity.
Based on the upcoming political events, this could be an ideal buying opportunity as prices decrease.
Currently, ADA is trading near $0.92 and has seen a price drop of over 7.5% in the past 24 hours. This depreciation has created fear among traders and investors, leading to a decline in trading volume.