Whale Sell-Off Sends Cardano’s ADA Below $0.61 as Traders Eye $0.55 Support
Cardano’s ADA fell sharply on Thursday, dropping more than 6% over the past 24 hours from $0.642 to $0.605, following reports that major holders liquidated around $100 million worth of tokens.
The move broke through the key $0.61 support level, long viewed as a crucial technical floor, with trading volume jumping 42% above the weekly average. On-chain data shared on X indicated that wallets holding between 100 million and 1 billion ADA tokens were responsible for the bulk of the selling over a three-day period.
The timing of the sales — just as ADA neared the top of a months-long triangle pattern around $0.70 — suggests that large investors took profits rather than acting out of fear. However, the breakdown below support has weakened market structure, raising the risk of a further slide toward $0.55 if prices fail to stabilize above $0.60, according to CoinDesk Research’s technical model.
At press time, ADA was trading below $0.60, underperforming the broader CoinDesk 20 Index, which slipped roughly 5% during the same period. The token’s market capitalization now stands near $22.5 billion, keeping Cardano within the top ten cryptocurrencies by value.
Despite the sell-off, some indicators hint at potential relief ahead. The Relative Strength Index (RSI) sits near 40 — a level often associated with oversold conditions and short-term rebounds. Meanwhile, the MACD is showing early signs of a bullish crossover, a momentum shift that could suggest a near-term recovery if confirmed by price action.
For now, ADA’s ability to reclaim the $0.61 zone will be key to restoring technical confidence and halting the bearish momentum driven by whale activity.
