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Cardano (ADA) is facing heavy whale selling pressure, raising the possibility of a breakdown below its long-term support level as a key market variable.

According to cryptocurrency media outlet Finbold on March 12 (local time), citing on-chain analytics platform Santiment data, Cardano whale investors have sold more than 130 million ADA over the past week. As a result, the total ADA holdings in whale wallets have decreased to approximately 13.55 billion ADA.

The large-scale sell-off coincides with Cardano’s price revisiting a critical long-term support level. ADA is currently testing a key support zone around $0.24, a level that has been maintained for several years. Market analysts suggest that holding this support could determine the mid-term trend.

Trading expert Ali Martinez stated from a technical perspective that Cardano must remain above $0.24 in the coming weeks to prevent the risk of further sharp declines. If this support level breaks, the price could potentially fall to around $0.112.

Conversely, if whale investors shift back to accumulation, a rebound scenario is also being discussed. Some analysts suggest that renewed whale buying could push ADA’s price up to approximately $0.538.

Meanwhile, Cardano’s prolonged bearish trend is attributed in part to slower-than-expected growth in network utilization. The total value locked (TVL) on the Cardano network currently stands at approximately $140.64 million, while its market capitalization is around $9.7 billion. Daily active addresses have also declined significantly, falling from about 71,000 in late 2024 to roughly 16,232 at present. However, within the ecosystem led by Charles Hoskinson, efforts to expand on-chain activity are underway, as the stablecoin market capitalization increased from $36.83 million in February to over $47 million following the launch of USDCx, which is linked to USDC.

According to CoinMarketCap, ADA is trading at $0.2625 as of the time of reporting.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses resulting from its use. The content should be interpreted for informational purposes only.*

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