Cardano (ADA) whales have sold over 100 million ADA tokens in just one week, according to crypto analyst Ali Martinez.
The data, which comes from on-chain analytics firm Santiment, shows whale holdings now sit at around 5.65 billion ADA. This sudden sell-off has caught attention because it’s happening right as Cardano approaches an important price level.
At the time of the report, ADA is trading at $0.6438, with a small drop of 2.42% in the past 24 hours. The token is underperforming at the moment due to its 13% drop in trading volume recorded today at $682 million, with a 3% drop in market cap to $21 billion.
Looking at the daily timeframe on TradingView, there is a resistance zone at $0.6673, which has been tested a couple of times. If the price can climb above this number, it might lead to a rally. But if it struggles there, we could see a pullback.
However, Martinez warned that ADA’s price has reached the middle point of a descending channel on the 3-day chart. He says this could be a point where the price either moves up strongly or starts falling again. “This level is often a decision point,” he said. If ADA drops below the $0.63 support, the next stop could be around $0.54.
At the same time, the charts are showing signs of a possible upward breakout. On the 4-hour chart, ADA is forming an inverted head and shoulders pattern, which is a classic setup that can lead to a rally if the price breaks through the neckline, which also sits near that key $0.6673 level. If it does break out, ADA might head towards $0.88, and maybe even $1, based on Fibonacci levels.
Additionally, there is also a possible morning star pattern forming on the same timeframe, which is another bullish sign.
The MACD indicator recently flashed a positive signal, showing momentum might be building. But at the same time, the 50-day, 100-day, and 200-day EMAs are still pointing down, with a death cross between two of them, usually seen as a bearish sign.
Right now, the directions are uncertain and unclear. It really depends on how ADA will react to the $0.6673 resistance.
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