Cardano (ADA) Price Struggles to Reach $1 Again - Crypto Data Space

Cardano Whales Sell 170 Million ADA – What’s Next?

Cardano (ADA) has seen a notable price uptick in early July, but despite this momentum, the asset continues to struggle in its effort to reclaim the crucial $1 mark. While bullish signals are slowly re-emerging in the broader crypto market, ADA’s short-term outlook remains mixed due to lingering selling pressure from large holders.

ADA Gains Momentum, But Risks Linger

At the time of writing, Cardano (ADA) is trading at $0.58, reflecting a 6.6% gain over the past week, according to data from crypto.news. This move has pushed ADA’s market capitalization past $21 billion, reaffirming its place among the top cryptocurrencies by market cap.

However, the larger picture tells a different story. ADA remains down 11.9% over the past 30 days and is still trading nearly 50% below the $1 level it reached in early March. Despite several attempts to break past that psychological barrier, bullish momentum has repeatedly faded before ADA could establish a firm foothold above it.

$0.70: The Next Battleground for ADA

Market analysts are now shifting their focus to the $0.70 resistance zone, which has emerged as a key level to watch. If ADA manages to break and hold above this threshold, it could open the door for a potential rally back toward $1, particularly if macro conditions and liquidity flows improve in Q3.

One potential catalyst that could ignite such a move is Cardano’s recent push into enterprise solutions. On July 8, the Cardano Foundation unveiled Reeve, a new enterprise-grade financial reporting platform that enables institutions to publish tamper-proof financial data directly on the Cardano blockchain. This innovation not only strengthens Cardano’s technical fundamentals but also signals a strategic shift toward institutional adoption.

Technical Analysis: A Falling Wedge in Play

From a technical standpoint, ADA has formed a falling wedge pattern on the daily chart — a formation typically associated with trend reversals. Supporting this bullish setup are momentum indicators such as the MACD and RSI, both of which have begun to turn upward, signaling an increase in buying pressure.

The first major bullish trigger would be a confirmed breakout above the wedge’s upper boundary at $0.6053. Should this occur, the next target would be the $0.73 resistance level, representing a potential 25.8% upside from current levels.

However, this bullish scenario is contingent upon ADA maintaining support at $0.54. A breakdown below this level could invalidate the pattern, potentially leading to a deeper pullback.

Whale Activity Casts Doubt on Short-Term Recovery

Not everything is aligning in the bulls’ favor. On-chain analytics from Santiment reveal that whale wallets have dumped over 170 million ADA in the past two weeks. This significant distribution by large holders signals reduced confidence in ADA’s near-term prospects and may continue to act as a drag on bullish momentum.

Historically, such “smart money” movements have preceded periods of price consolidation or correction. As a result, unless ADA bulls manage to reclaim $0.73 and turn it into solid support, the prospect of a sustainable move toward $1 remains limited in the short term.

What’s Next for Cardano?

If ADA manages to hold the $0.54 support and break above $0.6053, the bullish structure could gain traction. However, failure to do so may lead to a retest of lower levels, including $0.50 or even $0.44, where historical buyer interest could provide a fresh base for recovery.

While ADA’s recent gains and enterprise developments like Reeve are encouraging, investors remain cautious in the face of whale offloading and macro uncertainty. As always, continued monitoring of both price action and on-chain data will be critical in assessing ADA’s path forward.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.

Cardano (ADA) Price Struggles to Reach $1 Again