Cardano (ADA) Price stalls with whale ownership unchanged

Cardano (ADA) price is currently showing signs of a potential consolidation phase, as large transactions have risen and then stabilized over the past few weeks.

At the end of September, ADA saw a significant increase in large on-chain transactions over $100,000. However, after this peak, large transactions gradually decreased, indicating that major market participants may be cooling down their activity.

ADA Large transactions show a consolidation phase

On September 26, ADA saw a significant increase in its number of large transactions, reaching a monthly high of 5,070. Large transactions refer to transfers in the chain with a value of more than $100,000, and monitoring these transactions is essential to understanding market behavior, especially since they often involve institutional investors or large market participants.

These larger players can significantly influence price movements, and their activity provides key insights into market trends and liquidity. The increase in ADA’s large trades on September 26th coincided with a positive price movement, where ADA’s price rose and reached over $0.40 between September 26th and September 27th.

This correlation suggests that the influx of high value deals may have contributed to or reflected a growing market interest in ADA during that period.

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After this peak, however, the number of large transactions began to decline gradually, falling to 2,300 on October 6 and recovering slightly to 3,000 by October 7. This decrease in high value chain activity may indicate a cooling period.

Without strong large-scale transaction activity, ADA may not be in a clear uptrend or downtrend, suggesting that market participants are waiting for new developments or clearer signals before making their next significant moves. This period of lower trading volume could mean that ADA is in a holding pattern, with traders waiting for the next catalyst.

Cardano whales are stable in the last few days

Between September 6 and September 22, ADA whales reduced their holdings, with the number of addresses holding between 10 million and 100 million ADA dropping from 405 to 388. However, since September 22, the number of ADA addresses has held between 1 million and 100 million. ADA has become relatively stable.

Currently, 2,443 addresses hold between 1 million and 10 million ADA, while 391 addresses hold between 10 million and 100 million ADA, indicating little change in their positions.

This stability indicates that ADA whales have stopped their selling or buying activities, suggesting that they are in a wait-and-see mode. The lack of significant movement may imply that these large holders are waiting for clearer market conditions or signals before making their next moves, likely to determine whether to re-enter or continue to reduce their positions.

This pause in whale activity often indicates uncertainty, where major players choose to stay on the sidelines, waiting for a more decisive market direction before acting.

ADA price forecast: trend direction is still not clear

ADA’s price chart is currently showing a slight downtrend, although it is not particularly strong as the EMA lines remain very close to each other. This closeness between the lines suggests that ADA may enter a consolidation phase around the $0.34 level.

Exponential moving average (EMA) lines are key technical indicators that smooth price data, giving more weight to recent prices. Traders usually use EMA lines to identify trends. When EMA lines are close together, it typically indicates a lack of strong momentum in either direction, reinforcing the idea that ADA is in a period of consolidation.

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The ADA price has already broken a key support level at $0.34, indicating the possibility of further downward movement. If the downtrend continues, ADA could potentially be on its way to testing the next major support at $0.27.

This will indicate a deeper correction in price if selling pressure increases. However, should a reversal to the upside occur, ADA is likely to test the $0.36 resistance level first, followed by a challenge of the $0.41 level.

A move to $0.41 would represent a potential gain of 20% from its current price, providing an attractive target for traders as the bullish momentum builds. The closeness of the EMA lines shows that the market is waiting for clearer signals before a stronger trend in either direction emerges.