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Home»BITCOIN NEWS»Can whales resurrect ADA from its recent dump?
BITCOIN NEWS

Can whales resurrect ADA from its recent dump?

By Crypto FlexsApril 6, 20243 Mins Read
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Can whales resurrect ADA from its recent dump?
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Cardano price has been facing significant bearish pressure, falling more than 12% over the past week. The recent fall has coincided with a general downturn in the cryptocurrency market, with other major altcoins suffering heavy losses over the past week.

In particular, Cardano’s price decline is largely related to the recent sale of all of its ADA holdings by the Grayscale Digital Large Cap Fund (GDLC). On Thursday, April 4, the fund disclosed its decision to rebalance its portfolio by liquidating Cardano assets (about 1.6% of its total holdings).

This negative start to April after a disappointing performance in March does not help ease growing investor concerns. Moreover, the latest on-chain data suggests that the Cardano price may continue to succumb to bearish pressure.

Analyst predicts ADA price decline as whale activity slows

Ali Martinez, a popular cryptocurrency expert, shared a post on This disclosure is based on Santiment’s Whale Transaction Count metric, which tracks the number of ADA transactions worth more than $1 million.

A whale is an entity or individual that owns a significant amount of a specific cryptocurrency (in this case, Cardano). They are often considered major players in the market, as their buying or selling activities can have a significant impact on the price of Cardano, leading to speculation and potential market changes.

According to Martinez, on-chain data shows a noticeable decline in Cardano whale activity, suggesting a significant decline in ADA transactions is likely. In an almost vertical movement, the number of whale trades fell from around 400 daily trades early last week to just 200 daily trades by Friday 5 April.

Chart showing ADA whale transaction count, whale holdings, and price | Source: Ali_charts/X

teaHe cryptocurrency analyst noted that the recent slump in whale activity could signal “further price consolidation” or an imminent decline in Cardano’s price. A loss of substantial buying activity from large investors could cause cryptocurrencies to succumb to bearish pressure, especially for smaller traders looking to take profits.

In fact, the Cardano token started the year on a positive note, reaching a high of $0.8 in early March. However, altcoins have continued their downward trend since peaking in 2024, collapsing under downward pressure from Bitcoin prices.

Cardano pricing at a glance

As of this writing, the Cardano price is around $0.577, reflecting a 1% decline over the last 24 hours.

Cardano price
Cardano price hovers around $0.58 on the daily timeframe | Source: ADAUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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