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As Cardano whales offload 120 mln, why ADA’s downtrend can continue
Market participants are selling their ADA as market conditions remain unfavorable. In the past 24 hours, whales sold a substantial amount of ADA, causing the price to plummet. Other key technical indicators in the derivatives market also influenced this downward trend.
Sentiment around Cardano (ADA) has been undeniably bearish, with investors having been selling for over a month now. This trend is likely to continue as recent market revelations demonstrate that continued selling efforts have dominated the market.
Whales offload significant ADA quantity
It appears that whales – typically those in control of an enormous supply of the asset – have continued selling over the past 48 hours, leading to an overall sales total of a staggering 120 million. A massive sell-off like this in the market implies a lack of confidence and thus there is potential for ADA to continue trending lower.
Data from Santiment reveals that whales have been offloading their ADA stock at an alarming rate.
Source: https://ambcrypto.com/as-cardano-whales-offload-120-mln-why-adas-downtrend-can-continue/
