180 Million Cardano in Five Days: What Went Down?

The Cardano (ADA) market has recently seen a 180 million ADA move, but it comes from whales. According to crypto analyst Ali, large holders, or whales, seized the opportunity of the recent price increase, offloading a significant amount of ADA in days.

Cardano has steadily ticked higher since rebounding from lows of $0.594 on April 16 and will mark the fourth consecutive day of gains if today ends in the green.

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According to Ali, “Whales took advantage of the recent upswing, offloading over 180 million Cardano ADA in just the past five days.”

This data indicates that while the retail crowd showed excitement during ADAs recent bounce, whales were quietly selling out, potentially locking in profits. This trend is frequently observed during relief rallies, where large players utilize the bullish momentum to exit positions without causing a major price drop.

Cardano price action

At the time of writing, ADA was up 2.69% in the last 24 hours to $0.631 and is on track to recoup weekly losses, up 0.01% in seven days.

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ADA suffered selling pressure at the start of the week as markets reacted to macroeconomic concerns, falling for three days in a row before recovering. Bulls found support at the low of $0.594, from which ADA rebounded.

ADA holding above $0.60 signals strength. While buyers have kept Cardano above the $0.59 support level, they are trying to raise the ADA price above $0.63.

With the ascending channel and support at $0.63, bulls can now aim for the 50-day SMA at $0.70. Buyers might regain control if a break and close above this critical barrier is achieved. ADA may then rise to $0.83.

If the ADA price falls and breaks below $0.59, ADA may slide to the support at $0.50. This is a critical level for the bulls to maintain because a break below it implies the resumption of the downturn. The next support on the downside in this scenario is $0.40.