Cardano (ADA) has seen significant asset movement in the last 14 days, as ecosystem whales engaged in profit-taking moves. As spotted by Ali Martinez, popular on-chain analyst, in the last two weeks, Cardano whales have sold 140 million ADA.
Cardano holds above $0.88 despite whale dump
Notably, Cardano’s large holders are going for profit after ADA hit the $0.80 zone. These whales are looking to cut their losses by dumping part of their portfolio onto the market. The massive sell-off comes as ADA whales believe the price might have peaked, enough for them to “book profit.”
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This development of selling 140 million ADA could create strong selling pressure and cause a pullback from investors. In the space of 14 days, such volume on the market could cause a considerable impact on the price outlook.
As of press time, Cardano is still trading up by 1.06% to $0.8844. The asset previously reached a peak of $0.8941 before experiencing volatility. So far, it has been able to maintain stability above $0.8840, with bullish Relative Strength Index (RSI) signals.
However, the volume has dropped significantly within the same period, likely due to investors applying caution amid growing whale action. Trading volume is currently down by 6.76% to $1.23 billion. For Cardano to sustain its current breakout move, the whales need to halt their profit-taking and start accumulating.
Bullish community sentiment eyes $1 and beyond
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Perhaps, retail traders might stick with Cardano and not embark on a selling spree. As reported by U.Today, there is an air of bullish sentiment in the ADA community. A massive 88.4% of voters in a recent poll remained bullish on ADA and look forward to it flipping $1.
This positivity might support Cardano’s displacing Tron from its ranking as the ninth-ranked crypto asset by market capitalization. With capital shifting from Bitcoin to altcoins, expectations are high for Cardano.
