TLDR
- Whale wallets added over 140 million ADA tokens in seven days, boosting holdings from 13.06 billion to 13.20 billion
- ADA trades at $0.70 with analysts watching $0.74 resistance and $0.635-$0.685 support zone
- Competing data shows other whales dumped tokens worth 350 million, creating mixed market signals
- DeFi total value locked fell 20% to $288 million in 30 days
- Technical patterns suggest possible downside to $0.50 or upside breakout above $0.74
Cardano price action shows mixed signals as large holders display contradictory behavior. The token currently trades at $0.70 while whale wallets make significant moves.
ADA is trading at $0.7025 with a 24-hour volume of $2.48 billion. The market cap stands at $25.17 billion with a 3.03% gain in the past day.
Crypto analyst Mintern identified major accumulation activity among large holders. A whale wallet purchased over 140 million ADA tokens in just one week.
On-chain metrics show addresses holding 10 million to 100 million ADA increased their total positions. Holdings grew from 13.06 billion to 13.20 billion tokens during this period.
This buying activity indicates confidence among certain large investors. The accumulation happened during a period of price consolidation around current levels.
Price Targets and Technical Levels
Analyst More Crypto Online identified $0.74 as the next major resistance for Cardano price. Breaking this level would confirm bullish momentum for further gains.
Support levels exist between $0.635 and $0.685 according to technical analysis. These zones could catch the price if short-term corrections occur.
The analyst noted the current rally shows weakness. He described it as “a weak five-wave move to the upside” that needs confirmation.
Daily chart patterns show bearish formations developing. A rising wedge pattern appears with two converging ascending trendlines.
The 50-day and 200-day Exponential Moving Averages are narrowing. This could form a death cross pattern that typically signals further downside.
Technical analysis suggests potential downside to $0.50 if bearish patterns play out. This represents a 25% drop from current levels and matches April and June lows.
Contradictory Whale Data Emerges
Despite accumulation reports, other data shows heavy selling pressure. Whales sold ADA tokens valued at over 350 million in the past week.
This selling contradicts the accumulation narrative from different wallet addresses. The conflicting data makes true whale sentiment unclear.
Cardano price dropped over 32% from its August peak. This decline pushed the token into technical bear market territory.
DeFi Ecosystem Struggles
Cardano’s decentralized finance ecosystem shows weakness compared to competitors. Total value locked dropped 20% over 30 days to $288 million.
Solana holds over $25 billion in total value locked by comparison. Even smaller networks like Cronos maintain $765 million locked.
The network’s stablecoin supply totals just $36 million. DEX trading volume reached less than $4 million in the last 24 hours.
Promised integrations with Chainlink and Bitcoin remain incomplete. These delays may contribute to ecosystem weakness and whale selling.
ADA currently trades at $0.7025 with key resistance at $0.74 and support between $0.635 and $0.685.
