Cardano's price has experienced a significant drop today, primarily driven by a wave of profit-taking among large holders, commonly referred to as "whales." As Cardano's realized profits surged to a weekly high of $73.33 million, many of these large holders opted to sell off their holdings to lock in gains. This sell-off has resulted in a 90% decline in large holder netflow, indicating a substantial amount of ADA being offloaded. The failed attempt to retest ADA's breakout line has further contributed to the downward pressure, as the asset's price struggles to maintain its previous breakout level, signaling weak support.
Adding to the bearish sentiment, Cardano's price is also being influenced by broader market dynamics. The potential collaboration between Cardano and Terra Luna Classic, while promising in the long term, has not provided immediate support to ADA's price. Instead, the focus remains on the short-term market sentiment, which has been negatively impacted by the recent sell-off. The market's attention has also been diverted by the launch of Donald Trump's official meme coin on the Solana network, which has drawn interest away from other cryptocurrencies, including Cardano.
Cardano's price has fallen by 7.41% today, currently trading at $1.020265. The cryptocurrency reached a high of $1.147350 earlier in the day but has since declined to a low of $1.013136.