Cardano Slumps Below $0.61 as Whale Sell-Off Triggers Technical Breakdown

Cardano’s ADA fell sharply on Thursday, dropping more than 6% in 24 hours from $0.642 to $0.605, as on-chain data indicated that large holders sold over $100 million worth of tokens.

The decline broke through the crucial $0.61 support level — a long-standing technical floor — amid a 42% surge in trading volume above the weekly average, signaling a decisive shift in market momentum.

According to data shared on X, wallets holding between 100 million and 1 billion ADA tokens drove the move, distributing their holdings over a three-day period. The timing — just as ADA approached the upper boundary of a multi-month triangle formation near $0.70 — suggests strategic profit-taking rather than panic selling.

Still, the breakdown has raised caution among traders. If support near $0.60 fails to hold, ADA could extend losses toward $0.55, according to CoinDesk Research’s technical model. As of publication, the token continued to trend below $0.60.

Cardano underperformed the broader CoinDesk 20 Index, which declined around 5% over the same period. Despite the drop, ADA maintains a market capitalization of roughly $22.5 billion, keeping its position as the 10th-largest cryptocurrency by value.

While whale activity triggered the selloff, momentum indicators point to potential stabilization ahead. The Relative Strength Index (RSI) has fallen near 40 — a level typically associated with short-term rebound potential if selling pressure eases.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is showing early signs of a bullish crossover, which could signal a shift in momentum if confirmed by price action. However, analysts caution that without a follow-through rally, these signals remain speculative.

In short, ADA’s technical picture shows weakness but also hints of possible recovery — provided buyers step in to defend the $0.60 zone in the sessions ahead.