Cardano Whales Dump 50 Million ADA Amid $0.84 Resistance Challenge - Crypto Data Space

Cardano (ADA) Rebounds After Whale Sell-Off, Eyes $0.84 Breakout

Cardano (ADA) has experienced significant market activity as large holders, or whales, unloaded massive amounts of the cryptocurrency, coinciding with a temporary price dip. Crypto analyst Ali Martinez shared data with the community revealing that whales disposed of 50,000,000 ADA, primarily from wallets holding between 1,000,000 and 10,000,000 ADA each.

This sell-off corresponded with a 4.35% decline in ADA’s price, falling from $0.84 to $0.80. However, the cryptocurrency has shown resilience, rebounding by 3.51% over the past 24 hours. At press time, ADA is trading at $0.8304, demonstrating its continued attempts to break above the $0.84 resistance level, which has remained a key barrier over the past week. Analysts note that while a small red candle appeared on hourly charts, pushing ADA slightly lower, the coin continues to strive for a breakout to turn resistance into support.

Institutional Interest Grows: Grayscale Files for Cardano ETF

Adding to Cardano’s market narrative, Grayscale has filed for a Cardano-based exchange-traded fund (ETF) with the U.S. SEC, alongside a Polkadot ETF. Crypto journalist Colin Wu reported that the proposed Cardano ETF will trade on NYSE Arca under the ticker GADA.

The filing highlights increasing institutional interest in crypto-based trading products, following the notable success of Bitcoin and Ethereum spot ETFs approved in January 2024. The move indicates that institutional players are keen on expanding exposure to Cardano and other major altcoins, potentially influencing both market sentiment and liquidity.

ADA Price Outlook

Despite recent whale activity and short-term volatility, Cardano’s price action demonstrates tenacity in overcoming the $0.84 resistance. The combination of whale sell-offs and upcoming institutional products, such as the proposed GADA ETF, suggests that ADA remains a focal point for both retail and institutional investors in the evolving cryptocurrency landscape.

Cardano Whales Dump 50 Million ADA Amid $0.84 Resistance Challenge