Coinspeaker Whale Sell-Off Tanks Cardano (ADA), Analysts Spot Future Bullish Trends
Cardano ADA $0.90 24h volatility: 8.8% Market cap: $32.43 B Vol. 24h: $1.75 B has faced a major setback over the past two days, with over 70 million ADA tokens offloaded by whales between January 7 and January 9. This massive sell-off coincided with a sharp 20% price decline during this period, dragging ADA down to $0.9213 at the time of writing.
Over the past 24 hours alone, the token has dropped 7.5%, mirroring a broader cryptocurrency market slump of 2.24%, which now has a market cap of $3.28 trillion.
Ali Martinez, a well-known crypto analyst, shared this whale activity in a recent X post, noting reduced holdings among investors who typically hold between 100 million and 1 billion ADA tokens.
The Relative Strength Index (RSI) on Cardano’s daily chart currently sits at 45. The RSI’s downward trajectory suggests mounting selling pressure, potentially pushing the token toward an oversold condition. While this might spell further declines in the short term, many analysts see it as a potential entry point for opportunistic buyers.
Meanwhile, Santiment also revealed that active wallets for ADA in the past 30 days are in a negative range. However, the analytics firm added that during these times of dip, professional traders take advantage and make money.
Cardano (ADA) Future Potential
Despite this recent dip, ADA has shown a strong performance over the past few months. Following the confirmation of Donald Trump’s election victory on November 5, which signaled a potentially crypto-friendly administration, Cardano’s price tripled. ADA currently boasts a market cap of $32.28 billion, sitting at 9th position in the list of the largest cryptocurrencies.
Earlier this week, the token hit $1.14 before retracing, although it remains 70% below its all-time high of $3.1 set in 2017.
Looking ahead, Cardano is gearing up for the highly-anticipated Plomin hard fork, expected later this month. This upgrade will bring full governance to the mainnet, marking the end of the technical bootstrapping phase and setting the stage for more robust decentralized operations. Many believe that this development will position Cardano as a key player in the ongoing bull run.
Renowned crypto analyst Dan Gambardello recently explained ADA’s bullish long-term setup. “Cardano has one of the most bullish weekly pattern setups in crypto,” he stated, referring to the inverse head-and-shoulders pattern with an upward-sloping neckline. Gambardello stated that in the short-term, bears may attempt another push lower, but he remains optimistic about ADA’s potential for a strong rebound.
Another analyst, Allincrypto, shared a mid-term price target of $3.00 for ADA, while some projections suggest the token could rise to $6-$8 by the end of this cycle.
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Whale Sell-Off Tanks Cardano (ADA), Analysts Spot Future Bullish Trends
