Cardano’s ADA price is currently facing significant pressure from whale offloading, with over $140 million worth of ADA sold in the past two weeks. Despite trading near the crucial support level of $0.8775 today, the bullish momentum appears fragile, leaving the market at a critical juncture for determining the direction in September.
ADA Price Tests Crucial $0.8775 Level
As of now, ADA is trading at $0.8775, slightly above a key support level that has played a vital role in previous price movements for Cardano.
Nevertheless, the current bullish sentiment is weaker compared to other major altcoins, largely due to continuous whale selling over the last two weeks.
Whale Offloading Keeps Cardano Crypto Under Pressure
Data from analyst Ali Martinez reveals that whales have offloaded more than 140 million ADA recently.
This consistent selling pressure has dampened sentiment and prevented ADA from experiencing the strong rallies seen in other cryptocurrencies. Despite this, the market structure remains intact with no significant breakdowns so far.
Looking ahead, the $0.80 level is becoming a crucial threshold that could dictate ADA’s price action in the coming weeks.
If this support level is breached decisively, it could trigger a more pronounced bearish phase. However, as long as this support holds, the overall trend remains bullish, despite ongoing whale selling.
ADA Price Prediction Sees Recovery Toward $1.10 if Demand Returns
On the daily chart, a potential recovery towards $1.10 is possible if the current selling trend subsides and whales re-enter the market with renewed demand.
A bounce from the current levels could propel ADA price towards $1.10 in September, signaling a recovery from the current consolidation phase. For now, the market remains cautiously bullish while keeping a close eye on whale activity.
