Cardano’s native token, ADA, has slipped more than 6% in the past 24 hours, falling from $0.642 to $0.605, as Large holders have been reported Sold $100 million worth of tokens.
The sell-off broke through the $0.61 support level — long viewed by traders as a key technical floor — on volume that advanced 42% above the weekly average.
According to the X post, on-chain data shows wallets holding between 100 million and 1 billion ADA tokens pushed the transfer, eliminating a three-day stretch. The timing of the selloff, such as ADA approaching the top of a one-month triangle formation near $0.70, suggests calculated profit-taking rather than panic. However, the move triggered a technical breakdown that could push the token towards $0.55 if support near $0.60 fails, according to Coindesk Research’s technical analysis model.
As of the time of writing, the token is trending below $0.60.
Cardano also underperformed the broader crypto market gauge Coindesk 20, which fell nearly 5%. The market cap now stands at around $22.5 billion, although it remains the 10th largest cryptocurrency by valuation.
While the big sell-off pushed the Ada down, momentum signals suggest the move may be losing steam. That tension has entrepreneurs watching closely.
The relative strength index (RSI) is now sitting near 40, a level that does not yet signal full capitulation but is often associated with a potential short-term bounce. The RSI measures how fast and how far prices have moved, with lower readings indicating the asset may be overvalued. A reading near 40 suggests weakness, but also increases the chance of a rebound if selling slows, according to the model.
Meanwhile, the MACD—a tool that tracks shifts in momentum—is showing signs of a bullish crossover, where the short-term trend line is moving above the longer-term one. This type of move could point to a potential reversal, but for now, it lacks price confirmation. In simple terms, the chart indicates a cycle, but Ada’s price has yet to follow suit. Without consumers, the signal remains theoretical.
Disclaimer: Parts of this article were generated with help from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see the full Coindesk AI Policy.
