Cardano Price Continues to Face Bearish Pressure Amid Whale Selling

Cardano's price continues to be under pressure as the cryptocurrency faces challenges from both whales reducing their exposure and technical indicators pointing towards a bearish trend.

The Santiment Supply Distribution data reveals that large investors have been selling off their holdings, with approximately 80 million tokens sold since April 19. This has contributed to a weakening outlook for Cardano as the coin struggles to break above key resistance zones.

The derivatives market also shows a slight bearish tilt, with declining trader participation and weakening speculative demand indicated by the long-to-short ratio standing at its lowest level in over a month.