Cardano (ADA) price has struggled to regain bullish momentum since August, failing to breach the $0.37 barrier, which is critical for any potential 20% rally.
Whales holding between 10 million and 100 million ADA have offloaded over 320 million ADA recently, indicating a lack of confidence in Cardano’s short-term potential.
This significant selling pressure suggests that larger investors are preparing for more downside or a period of consolidation, further impacting ADA's price performance.
Additionally, the Mean Coin Age metric shows declining optimism among long-term holders, as they are either moving or selling their assets.
Cardano's recent price rise to $0.35 makes it 7% away from the crucial $0.37 resistance level. However, weakening macro momentum and ongoing whale sell-offs suggest it's unlikely to break this barrier in the near term.
If retail investors intervene and long-term holders regain confidence, Cardano could break through the $0.37 level, setting the stage for a 20% rally to $0.42.
