Cardano price recovers 9% in 24 hours, what's next?
Cardano price recovers 9% in 24 hours, what's next?
whales sell 70 million #ADA , price falls 7% to $BTC ADA is under selling pressure, support at $0.90, $0.95 is resistance.
whale activity remains the driving force behind Cardano's poor market performance.
#Cardano (ADA) price fell 7% a few days ago, but is now up nearly 9% in the last 24 hours.
Cardano was trading at $1 at the time of writing. Cardano has seen significant whale movement in recent days.
Indeed, Thursday's price drop coincided with a whale sale that saw more than 70 million ADA tokens purchased in less than 48 hours.
the selling pressure added to the downward momentum and uncertainty in the ADA market.
Market analyst #Ali Martinez highlighted the whale movement in a recent post on Site X. He noted that large investors holding between 100 million and a billion ADA tokens have significantly reduced their holdings.
The market reaction to this movement has affected ADA's price performance, testing key support levels and raising concerns among traders.
It was recently observed that whale activity correlates well with ADA price movement. Whale activity, indicated by the red shading on the chart, gradually declined from December 19 and fell on January 7, 2025.
At the end of December 2024, the price of Cardano seemed stable even as the number of whales gradually decreased.
However, on January 7, the number of ADA holders decreased dramatically as the price fell and ADA reached its current value of $BTC This means that the massive whale sale may have pushed the price of Cardano down, flooding the market with ADA tokens. The #cryptocurrency is now moving towards the $0.90-0.92 support area, and if the bears were to move this area could become a consolidation zone.
Over the past 24 hours, the Cardano kea rate has risen from $ 0.91 to $ 1 USD.
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