Cardano Whales Offload 110 Million Tokens as Price Pressure Mounts

Analyst Ali Martinez highlighted the sell-off, noting that the mass liquidation coincides with a sharp decline in network participation. Daily active addresses fell from 27,248 to 15,977, a 41.36% drop that suggests waning interest from retail participants. ADA has now breached the $0.24 support threshold, leaving the $0.21 zone as a primary target for further downside movement should the current bearish momentum persist. Technical indicators, including the Know Sure Thing index, confirm that buying interest is cooling as the price hovers near its lower channel boundary.

Despite the price slump, the network reached an unusual milestone: Epoch 660 processed 1,780,896 transactions, the highest volume in Cardano’s history. This record-breaking throughput, which surpassed the previous 2021 high, was driven in part by governance voting activity. However, the surge in activity has not translated into price stability, as the project also faces an operational shift: the Cardano Card will discontinue its services on October 31. The closure follows a change in infrastructure by the program’s partner, Wirex, leaving users awaiting clarity on the future of the payment initiative.