Cardano looks set to hit two-year lows as crypto crash extends
Cardano (ADA) price trades in red, slipping below $0.28 at the time of writing on Monday, following a correction of more than 15% in the previous week. The broader crypto market remains under pressure, with Bitcoin (BTC) slipping below $75,000 on Monday. On-chain data shows ADA whales are offloading tokens, while on the technical side the outlook is bearish, with Cardano close to a price level not seen since October 21, 2023.
Whales are offloading ADA tokens, increasing selling pressure
Santiment’s Supply Distribution data supports a bearish outlook for Cardano, as the number of large-wallet holders (whales) is reducing exposure to the token.
The metric indicates that whales holding between 100,000 and 1 million (red line), 1 million…
