How James Wynn Lost $60 Million in a Week Trading Bitcoin

Cardano’s lacklustre performance over the past week has prompted some of its largest holders to begin selling their coins. On-chain data reveals that ADA whales holding between 100 million and 1 billion coins have collectively offloaded over $160 million worth of the asset within the last seven days.

This wave of distribution suggests waning confidence among the ADA large holders, adding further pressure to an already fragile market.

Cardano Whale Sell-Off Deepens Bearish Sentiment

According to Santiment, over the past week, Cardano whale addresses that hold between 100 million and 1 billion ADA have sold 170 million coins, valued at over $106 million at current market prices.

This wave of distribution signals a negative shift in sentiment among whales. Their decision to offload such a large volume of tokens adds pressure to ADA’s already struggling price. 

Moreover, this trend could also influence retail traders to follow suit, exacerbating the selling pressure and further reducing the chances of an ADA price rebound in the near term.

The coin’s weighted sentiment is also currently negative, confirming the growing bearish bias across the market. At press time, this is at -0.20. 

This on-chain metric analyzes social media and online platforms to gauge the overall tone (positive or negative) surrounding an asset. When its value is below zero like this, the overall market sentiment regarding the asset is bearish.

Per Santiment, ADA’s weighted sentiment has remained below zero since March 8, indicating that bearish discussions and outlooks continue to outweigh bullish ones.

This persistent negativity suggests a heightened risk of prolonged price decline, as traders appear reluctant to re-enter or increase their exposure to the asset.

Bearish Momentum Builds for ADA 

On the daily chart, readings from ADA’s Relative Strength Index (RSI) support this bearish outlook. As of this writing, this key momentum indicator, which tracks an asset’s oversold and overbought market conditions, is at 46.47.

The RSI indicator ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a decline. On the other hand, values below 30 signal that the asset is oversold and could witness a rebound.

At 46.47, the downward tilt of ADA’s RSI suggests weakening momentum and the potential for further losses if buying pressure does not return soon. In this scenario, ADA’s price could fall to $0.50.

However, the coin could climb to $0.69 if buying activity spikes.

The post Cardano Whales Offload 170 Million ADA as Price Trends Lower appeared first on BeInCrypto.

Solana has posted a 7% increase in the past 24 hours, aligning with the broader market’s recovery. While this surge may appear promising, technical and on-chain data suggest that the coin could face significant resistance. 

Despite the recent rally, SOL risks shedding these gains and could fall below the $100 mark if bearish pressures dominate.

Solana’s Price Surge Lacks Momentum

While impressive, SOL’s current rally largely reflects the broader market trend rather than demand for the altcoin. The bearish divergence formed by its Chaikin Money Flow (CMF) shows this.

At press time, SOL’s CMF is below the zero line at -0.09, indicating a lack of buying momentum among SOL market participants. 

The CMF indicator measures money flow into and out of an asset.  A bearish divergence emerges when the CMF is negative while the price is climbing. The divergence signals that despite the upward movement, there is more selling pressure than buying interest, suggesting weak bullish momentum. 

This indicates that SOL’s current price rally may lack sustainability and could be at risk of reversing or stalling as new demand remains scarce. 

Further, the coin’s long/short ratio highlights that its market participants lean more heavily toward the short side. At press time, this stands at 0.97.

The long/short ratio measures the balance between long positions (betting on price increases) and short positions (betting on price decreases) in the market. When the ratio is below zero like this, it indicates that there are more short positions than long positions.

This suggests that bearish sentiment remains dominant in the SOL market, and its futures traders are anticipating a decline in the asset’s price.

Solana in Crucial Zone: Will $95 Hold or Lead to a Steeper Decline?

During Monday’s intraday trading session, SOL plummeted to a 12-month low of $95.26. Although it has since rebounded to trade at $108.77 at press time, the lingering bearish bias leaves the coin at risk of shedding these gains.

If SOL witnesses a pullback, it could break below the support at $107.88. If it falls back below $100, the coin’s price could fall toward $79.

On the other hand, if the uptrend continues, backed by a surge in new demand, SOL’s price could breach the resistance at $111.06 and climb toward $130.82.

The post Solana’s (SOL) 7% Rally Could Unwind as Traders Bet Against Uptrend appeared first on BeInCrypto.