Crypto trader Ali (@ali_charts) posted two tweets today about Cardano (ADA). In the first tweet, Ali revealed that there is a massive sell wall of 3.85 billion ADA between $0.40 and $0.42. However, if the sell wall is breached, ADA could see a rally as there is minimal resistance ahead. In his second tweet, Ali shared on-chain data from IntoTheBlock that showed ADA whales holding 1 million to 10 million ADA have purchased about 150 million ADA worth roughly $57 million in the past month.
This could indicate that the whales are attempting to chip away at the sell wall, but it remains a significant obstacle. There is also the possibility that the whales built the sell wall themselves and are trying to trigger FOMO from traders and investors.
ADA is currently trading at $0.3863, down 0.45% in the past 24 hours, with a weekly price movement in the green at +10.63%. It has also shown strength against BTC and ETH over the last 24 hours, gaining 2.08% and 1.71%, respectively.
