Cardano (ADA) Whales Dump 100M Tokens Ahead of Potential Price Drop

The bullish upswing likely followed a broader market relief rally as Bitcoin teased a breakout from the $85,000 mark.

The price of Cardano (ADA) showed a slight uptick of 3.15% on Monday, March 17th, trading at $0.72. The bullish upswing likely followed a broader market relief rally as Bitcoin teased a breakout from the $85,000 mark.

However, the latest onchain highlights a significant cashout from whale investors, hinting at the risk of the potential drop in ADA coin. Is $1 still far?

Cardano Whales Dump 100M ADA

Since last week, the Cardano price has traded sideways around the $0.7 level, forming a series of neutral candles. While the consolidation indicates no clear dominance from buyers or sellers, the onchain is a notable change in large holders activity.

In a tweet, crypto analyst Ali Martinez highlighted that Cardano (ADA) whales have reportedly offloaded more than 100 million ADA tokens in the past week. The large-scale liquidation indicates a shift in whale behavior that could impact ADA’s short-term price trajectory.

"Cardano whales have dumped over 100 million ADA in the past week, according to on-chain data. This massive sell-off could exert significant pressure on the cryptocurrency's price in the short term."

The latest move comes after a period of relative inactivity from whale investors, who had largely refrained from large-scale liquidations since December 2024. However, the recent sell-off signals a potential shift in strategy or a response to market conditions.

The sell-offs could also be a factor in the recent price decline that has seen ADA drop sharply from highs of $1.17 to trade towards the $0.7 level.

Cardano Price Analysis: Key Levels In Current Correction

Cardano price analysis of the daily chart shows a sharp reversal from $1.17 to $0.72 — a 38.6% — loss over the past two weeks. The downfall breaks below the daily EMAs (20, 50, 100, and 200), strengthening the seller’s grip over this asset.

With the aforementioned whale selling and EMAs breakdown, the ADA price is poised for a 16% fall to hit the lower boundary of the triangle pattern. Since mid-November 2, the coin price has been resonating with the two converging trendlines of the triangle pattern. If the bottom support breaks, the Cardano coin would extend correction below $0.5.

Alternatively, the aforementioned trendline has acted as a major accumulation zone for ADA buyers since mid-November 2024. The previous bull cycle from this support has uplifted the asset from a range of 50% to 155%.

Thus, if the price trajectory shows renewed buying pressure at around the $0.6 floor, a bullish reversal could follow in the near future.