According to U.Today, Cardano (ADA) is currently under market scrutiny due to a potentially bleak medium to long-term growth outlook. This bearish perspective was identified by top market analyst Ali Martinez, who noted a decrease in Cardano whale activity. Martinez's post on the X platform suggests that this lack of whale activity could indicate an impending price drop for Cardano, or at the very least, a prolonged period of consolidation.
The data shows that the count of Cardano whale transactions is at its lowest since February 8. Despite a recent milestone of 88.6 million key ADA on-chain transactions, the whale count tells a different story. The transaction count stands at 202, and the value of large transactions, which feature between 1,000,000 to 10,000,000 ADA, has dropped from over 5.9 billion ADA in early March to around 5.79 billion.
Further data from the crypto analytics platform IntoTheBlock (ITB) supports this trend. The large transaction count has seen a 12.56% decrease in 24 hours, with the actual transacted ADA worth at least $100,000 standing at $14.63 billion. This figure, while substantial, is significantly less than the $17.52 billion recorded on April 3.
The bearish outlook of these large transactions suggests that whale support, which could help the coin regain its value in the event of a price drawdown, is largely absent. This trend poses a threat to ADA's current attempts to break out of its price drawdown. At the time of writing, Cardano is trading at $0.582, an increase of 1.52% in the past 24 hours. This positive price movement comes after a consistent pullback the coin has experienced over the past week. However, with whales holding back on acquisitions, it remains uncertain whether this upward trend will continue.