Cardano (ADA) whales have sold over 130 million ADA tokens amid a retest of the altcoin's multi-year support level at $0.24. According to Santiment, these large holders now possess approximately 13.55 billion ADA. The selling pressure comes as Cardano's price faces a critical juncture, with technical analysis suggesting a need to maintain above $0.24 to avoid further declines towards $0.112. Despite the bearish sentiment, Cardano's ecosystem is seeing some growth. The network's stablecoin market cap increased from $36.83 million in February to over $47 million, driven by the launch of USDCx. However, the network's utility remains a concern, with daily active addresses dropping significantly from over 71,000 in late 2024 to around 16,232 currently, as reported by DeFiLlama.
Cardano Whales Offload 130M ADA as Price Tests $0.24 Support
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