The post Cardano (ADA) Price Faces Pressure as Whales Dump Almost 200 Million Coins in a Week ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Cardano’s ADA traded fairly flatly on Saturday, extending its week-long consolidation phase amid a brief market pause following President Trump’s inauguration. Leading the lull has been Bitcoin, which has been hovering between $105,000 and $106,000 for the past five days, facing multiple rejections below the $107,000 threshold. Notably, amid the market’s pause, some analysts, anticipating a pullback, have been trimming their holdings, with the Cardano community standing out. On Friday, popular crypto analyst Ali Martinez highlighted this development, tweeting, “Whales have sold more than 180 million ADA over the past week.” This wave of selling comes despite strong network activity, with Cardano’s daily active addresses reaching a new high of 50,828 earlier this week. Interestingly, the shift in whale behavior contrasts sharply with the sentiment just a few days ago. On January 12, Martinez highlighted that whales had accumulated over 90 million ADA within a 96-hour period, suggesting a bullish outlook. Earlier on January 8, he had reported that whales had offloaded more than 70 million ADA in just 48 hours, signaling market indecision. Advertisement   Earlier on Saturday, Martinez further underscored this prevailing indecision, noting that the ongoing consolidation could form a symmetrical triangle pattern. According to him, this technical setup suggests a potential price move of up to 40% in either direction. Despite this uncertainty, the Cardano community remains optimistic about ADA’s prospects, especially with the upcoming Plomin hard fork upgrade. Expected to be fully implemented by January 29, the upgrade aims to enhance Cardano’s governance and blockchain capabilities, potentially boosting investor confidence in the network. Earlier this week, President Trump signed an executive order establishing a crypto working group to position the U.S. as a global leader in blockchain technology. This move is a potential boon for cryptocurrencies like ADA, particularly within the U.S.…