Market analyst Ali Martinez has noticed that Cardano (ADA) may have a bleak medium- to long-term growth outlook, with whale activity stagnating, U.Today reported. According to Martinez’s post on the X platform, the downturn in whale activity portends that Cardano’s price may fall, and the best case scenario could be a long-term price consolidation. Although Cardano’s key on-chain transaction count recently reached a milestone of 88.6 million, the number of whales tells us a different story. The number of transactions is 202, and the value of large transactions (containing 1 million to 10 million ADA) has dropped from more than 5.9 billion ADA in early March to about 5.79 billion ADA. Data from crypto analytics platform IntoTheBlock (ITB) also provides deeper insights into this trend. The number of large transactions has dropped by 12.56% in 24 hours, with at least $14.63 billion worth of ADA actually traded. While this number seems large, it pales in comparison to the $17.52 billion recorded on April 3. With many factors contributing to a coin recovering its value, the bearish outlook of large transactions means that whale support is almost non-existent in the event of a price drop. This trend poses a threat to ADA’s current attempts to escape its price decline. At the time of writing, Cardano’s price is $0.582, up 1.52% over the past 24 hours.
