$ADA Currently priced at $0.3545, Cardano (ADA) has been struggling to resume its bullish trend since August, hovering below the key $0.37 resistance level and failing to achieve any notable rebound. Despite a small 7.5% increase in price observed recently, ADA still needs to successfully cross the important barrier of $0.37 to achieve a larger growth of about 20%.

Recently, ADA's price dynamics have been significantly affected by the selling behavior of large investors, often referred to as "whales". According to specific data, in the past five days, accounts holding 10 million to 100 million ADA have sold more than 320 million ADA, worth up to $112 million. This wave of selling reveals that large investors have weakened their expectations for short-term profits and lack confidence that ADA can rebound strongly in the near future, which may indicate that the price may decline further or enter a long-term consolidation phase in the future.

At the same time, the confidence state of long-term holders also appears less optimistic. By observing the average coin age indicator, no obvious upward trend is found, which reflects the holders' concerns about the short-term prospects of ADA. This sentiment may prompt them to consider transferring or selling their ADA holdings, further weakening the possibility of its rapid recovery.

In this scenario, whether ADA can break through the resistance level of $0.37 will largely depend on the reaction of retail investors. If they can absorb the current selling pressure and rebuild confidence in ADA, there is still hope to break through this key level. However, if retail investors and long-term holders continue to be cautious or withdraw from the market, ADA may continue to hover below this resistance level and may even test $0.31 as a new support point. In summary, the future trend of ADA will closely follow the changes in market sentiment, especially the attitudes and behaviors of retail investors and long-term holders.