Prominent crypto analyst Ali Martinez revealed that large Cardano (ADA) whale addresses, holding between 100 million and 1 billion ADA, sold approximately 350 million tokens over the past week. This substantial sell-off coincided with a 15% weekly price drop, pushing ADA below the critical $0.70 support level to around $0.69. Martinez noted that this distribution phase occurred after ADA briefly tested its multi-month resistance line, indicating profit-taking or diminished confidence among major holders.
On-chain metrics show no significant exchange inflows beyond the whale activity, suggesting retail holders are largely holding steady. ADA's price structure remains within a large symmetrical triangle formation that has been developing since 2022. According to Martinez, a breakout above $0.90 could target $1.80, potentially ending ADA's multi-year consolidation. However, failure to hold the $0.53-$0.71 support range might invalidate this pattern, leading to declines toward $0.40 or lower, revisiting 2022 lows.
Technical indicators reflect the bearish pressure: the Bollinger Bands show tightening volatility with ADA below the middle band near $0.76, while the RSI sits at 45.6 and the MACD histogram is slightly negative but flattening. The Chaikin Money Flow (CMF) remains near neutral at 0.11, indicating slowing capital outflows. Historically, a similar whale sell-off in April 2023 involving 150 million ADA caused a price drop but was followed by a retail-driven recovery.
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