Cardano (ADA) has witnessed a major sell-off by large holders, with over 170 million tokens being offloaded. This sell-off led to a drop in total whale holdings from 3.26 billion ADA to 2.98 billion ADA, aligning with a price decline from $0.83 to $0.65. The move suggests bearish sentiment among major investors, possibly anticipating further declines.
However, the lower price could present a buying opportunity for new and existing investors, potentially stabilizing the market in the coming days.
Surging Public Interest in ADA and Other Assets
Despite the sell-off, Google search trends for Cardano surged by 90%, according to TapTools. This indicates rising public interest in ADA’s future. Other assets like Polkadot (DOT) and Luna Classic (LUNC) also saw increased search volumes by 110%, likely due to market fluctuations.
Will ADA Hold the $0.65 Support Level?
Technical analysis suggests that ADA is currently trading near a crucial support level at $0.65, based on Fibonacci retracement levels. A sustained hold above this mark could push the price toward $1.00 and even $3.00 in a bullish scenario.
However, if ADA drops below $0.65, it could fall further to $0.30, confirming a bearish momentum shift. Analysts note that the Stochastic RSI indicates oversold conditions, hinting at a possible price recovery if bullish momentum builds.
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