Cardano's (ADA) price has been on a downward trend recently, sparking concerns of dropping below the $1 support level. The decline is largely attributed to significant selling activity by large ADA holders, known as whales. These investors have been selling off their holdings to secure profits amidst recent gains. BeInCrypto's analysis of Cardano's on-chain performance reveals that whales have sold a substantial amount of ADA over the past week. Data from Santiment shows that holders with 100,000,000 to 1,000,000,000 ADA have offloaded coins worth $200 million in the last seven days. Such sell-offs by major holders signal a lack of confidence in the asset, creating selling pressure that can drive prices down. Profitable ADA transactions have also led to increased selling, with traders cashing in on gains. The current price of ADA sits at $1.02, just below the $1.07 resistance level. Continued sell-offs could push the price below $1 to $0.92, while a successful breach of resistance could propel ADA to $1.34, its highest in two years. Read more AI-generated news on: https://app.chaingpt.org/news