Cardano’s derivatives market is losing momentum, and whales appear to be trimming exposure, according to crypto analyst Ai cited by Odaily. Over the past week, ADA open interest fell 9%, dropping from $1.99 billion to $1.81 billion, a sign that traders are pulling back on leveraged positions rather than adding new risk.
Ai also said large holders have likely been taking profits. Since Sept. 20, whales have reduced their holdings by about 90 million ADA, worth roughly $22.5 million. That selling has added to near-term pressure on the token.
On the technical side, Ai said ADA flashed a sell signal on the daily chart on Sept. 26 and has declined 10% since then. The analyst argued the pullback may not be over yet. A parallel channel on the daily chart places $0.24 as the key mid-range support. If that level breaks, ADA could slide toward the lower end of the channel near $0.21. If $0.21 holds, Ai said that area could mark the next buying opportunity, with a potential upside target near $0.28 at the top of the channel.
Cardano (ADA) is still under selling pressure after a cooldown in futures demand and whale selling, according to crypto analyst Ai cited by Odaily.
Ai said ADA open interest fell 9% over the past week, declining from $1.99 billion to $1.81 billion. The move suggests traders are cutting leveraged exposure.
The analyst also said whales appear to be taking profits. Since Sept. 20, they have reduced holdings by about 90 million ADA, worth roughly $22.5 million, adding to near-term selling pressure.
Ai added that ADA printed a sell signal on the daily chart on Sept. 26 and has fallen 10% since then. In the analyst’s view, the correction may not be finished.
On the daily chart, a parallel channel shows $0.24 as the key mid-channel support. If ADA loses that level, it could fall toward the lower boundary near $0.21. If $0.21 holds, Ai said the area may become the next buying opportunity, with the upside target near $0.28 at the top of the channel.
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