Cardano’s ADA Drops 6% Amid Report of Whales Offloading $100M in Tokens

Cardano's native token, ADA, dropped more than 6% over 24 hours, falling from $0.642 to $0.605, following reports that large holders (whales) offloaded approximately $100 million worth of tokens over a three-day period. This selloff decisively broke the crucial $0.61 support level on significantly elevated trading volume (42% above average). The timing suggests calculated profit-taking as ADA neared the top of a months-long triangle formation near $0.70. The technical breakdown could lead ADA toward $0.55 if the $0.60 level fails, though the token is currently trading below $0.60. Despite the price drop, momentum indicators offer a slight counterpoint: the Relative Strength Index (RSI) is near 40, suggesting potential for a short-term bounce, and the MACD shows signs of a bullish crossover, though price confirmation is still lacking.

(Source：CoinDesk)