Whales Accumulate 180M ADA as Cardano (ADA) Price Plunges Below $80000

During Monday's U.S. trading session, the crypto market witnessed accelerated selling pressure, which triggered a total liquidation of $806.03 million.

Crypto traders liquidated $806.03 million of positions during Monday's U.S. trading session as accelerated selling pressure in the crypto market triggered a total liquidation of $806.03 million.

As a result of the selling pressure, Bitcoin price fell below $80,000, while Ethereum breached $2,000. However, while most assets followed the same momentum, Cardano price shows potential for reversal as whale accumulation rises.

Whales Accumulate 180M ADA As Cardano Eyes Recovery

Over the past week, the Cardano price has shown a notable downturn from $1.175 to $0.68 current trading value, registering a loss of 42%.

Amid this correction, market analyst Ali Martinez highlights that whales have accumulated over 180 million ADA in the past week.

Whales have been accumulating #Cardano (ADA) throughout the recent price downturn. In the past week alone, they've scooped up over 180M ADA.

As #ADA approaches the key support at $0.58, a potential reversal pattern is forming, which could ignite a substantial recovery in the coming weeks. pic.twitter.com/Y8jZ0tE8wB

— Ali Martinez (@ali_chart) September 11, 2024

His post was accompanied by a visible increase in large-scale accumulation, suggesting heightened investor interest in the asset as it navigates market fluctuations.

While ADA's price projects a high-momentum selling, the whale activity could signal growing confidence in Cardano's long-term prospects.

Historically, the buying pressure from high-net-worth investors has bolstered an asset for bottom formation and resulted in a high-momentum rally.

Cardano Price Nearing Major Support Test Of Reversal Pattern

Since December 2024, the Cardano price has showcased a sideways to a slight downward trend, which struggled to surpass above $1.25.

While the near-term price swing shows no clear initiation from buyers or sellers, the broader chart analysis reveals the formation of cup and handle patterns.

As its name suggests, the chart setup shows a major accumulation trend in a U or saucer shape and a temporary correction with a handle. If the pattern holds true, the falling Cardano price could seek support at $0.58 and renew the exhausted bullish momentum.

With the weekly EMAs (100 and 200) supporting the $0.58 floor, the coin price is likely to rebound and rechallenge $1.24.

The aforementioned neckline resistance is crucial for buyers to exit the long-coming accumulation.