Cardano whales have been responsible for a 270% price surge in ADA over the past 30 days. However, they have recently sold $69 million worth of ADA tokens ahead of a token unlock, expected to introduce volatility to the market.
ADA currently trades at $1.23, and there are concerns about whether the sell-off will drag the price down further. The netflow, which reflects the buying and selling activities of major Cardano holders, has drastically declined, indicating significant sell-offs.
Token unlocks, like the one scheduled on December 6 for Cardano, release previously restricted tokens into the market, potentially leading to significant price movements. Approximately 18.53 million ADA, valued at $22.79 million, will be released, possibly impacting ADA price stability.
The technical indicators such as Bollinger Bands and Relative Strength Index (RSI) suggest that ADA is currently overbought, which might lead to a price correction to around $0.92. However, if whales resume accumulation, the price could rise past $1.33.
