The latest on‑chain data shows that Cardano whales have sold about 190 million ADA over the past week, a move that has flipped the derivatives market into a bearish stance. With the coin trading at $0.1678 and down more than 5 % in the last 24 hours, the price sits just above the $0.138 Fibonacci cycle low – a level that many technical analysts view as a critical support zone. If the price fails to hold there, we could see a sharper decline, especially given the current extreme‑fear sentiment (value 20) that is dampening risk appetite across the market.
This situation is mirrored in the broader crypto landscape, where Bitcoin and Ethereum have also slipped by roughly 1 % and 1.7 % respectively. In such a bearish environment, the presence of a large sell‑off by whales can act as a catalyst for further downside, as the market may interpret the move as a signal that the asset is overvalued. Conversely, if ADA manages to bounce off the $0.138 level and regain momentum, the same whales might re-enter, potentially sparking a breakout.
Retail traders should watch for a few key signals: a sustained bounce above the Fibonacci low, a rise in trading volume, and any positive news that could shift sentiment. The next couple of days will be critical – if the price stays above $0.138, it could set the stage for a summer comeback, as some analysts predict. If it breaks below, the risk of a deeper pullback increases, especially with the bearish derivatives trend and the prevailing fear in the market.