Cardano price faces downward pressure amid whale selling

Cardano (ADA) has experienced significant downward momentum, with the price dropping approximately 20% over a three-week period. As of October 24, 2026, the price sat at approximately $0.2104, reflecting a 2.79% decline in 24 hours.

On-chain metrics indicate increased selling pressure from large-scale investors. Mid-tier whales, holding between 10 million and 100 million ADA, reduced their supply dominance from 38.27% to 37.93%. Additionally, the proportion of the circulating ADA supply held in profit saw a sharp contraction, falling from 30.78% to 17.8%, suggesting widespread profit-taking.

Technical analysis shows the asset is navigating a falling wedge pattern. While a recent bounce occurred near the $0.2063 level, multiple exponential moving averages (EMAs) remain overhead, acting as resistance. Market volatility was further highlighted by $1.64 million in liquidations within a 24-hour window and a 30% contraction in open interest for ADA futures contracts over three weeks.