Cardano Under Pressure: Falling Network Activity Adds to ADA Selling Concerns

Whale selling and declining network participation are putting Cardano under pressure. After ending September with massive gains, Cardano appears to be struggling again, losing almost 12% in the past week alone. But new data suggests that it could face more downside pressure as whale selling and weaker network activity raise concerns about its price outlook. ADA Price at Risk? According to crypto analyst Ali Martinez, large holders have sold more than 110 million ADA over the past five days. This adds selling pressure as the token approaches a key support level. To top that, network activity is also slowing. Daily active addresses have dropped 41.36%, after falling from 27,248 to 15,977. The decline indicates fewer users are interacting with the Cardano network. All eyes are on the $0.24 support level. Martinez believes that a break below it could push ADA toward $0.21, near the lower boundary of its rising channel. Despite the drop in daily active addresses, Cardano recently set a new transaction record for the first time in five years. During Epoch 660, the network handled 1,780,896 transactions, beating its previous high of 1,566,974 from November 2021. That works out to an avera...