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Cardano Faces Pressure as Whales Sell 120 Million ADA: What’s Next for ADA?
The recent surge in sell-offs by large holders of Cardano (ADA) has raised concerns about the asset’s immediate future. The past week, 120 million ADA was sold off by these whales, a significant amount that signals a shift in market sentiment. This development may have a considerable impact on the price of ADA.
Whales’ selling activities have been trending downward for several weeks now, and this fresh batch of sell-offs has sparked increased pressure on the asset’s value. As ADA continues to face resistance, it appears unlikely that its downtrend will be reversed in the short term. If whales continue to sell off their holdings at such a rapid pace, we could witness even more substantial declines.
Despite these bleak prospects, there are some hopeful signs from spot market participants. A considerable amount of ADA has been purchased by traders with long-term perspectives over the past few weeks. This activity may signal that a few investors still have faith in Cardano’s potential. However, their optimism is likely to be counteracted by the current bearish sentiment dominating the overall crypto market.
In addition to this whale selling and spot market buying activity, there are other factors that might impact ADA’s trajectory. The DeFi space has also been witnessing a decline, with a drop from $319.58 million in April to $304.04 million at the moment. This decrease contributes to Cardano’s ongoing downtrend.
The overall sentiment remains bearish and will likely influence ADA’s price movement going forward. The spot market participants’ actions may have little impact on this trajectory unless we see a change in market conditions.
Source: https://cryptonewsland.com/cardano-faces-pressure/
