Large investors have sold roughly 90 million Cardano (ADA) tokens worth about $22.5 million since September 20, analyst Ali Martinez reported. Despite a 23% monthly price gain bringing ADA near $0.25, futures open interest has dropped 9% to $1.81 billion, indicating reduced leveraged exposure. The Tom DeMark Sequential indicator flashed a sell signal on September 26, after which ADA fell 10%. Key support sits at $0.24; losing that level could lead to $0.21, while holding may allow a move toward $0.28. ADA has historically ended October in the red six times in nine years.
According to analyst Ali Martinez, whales have dumped approximately 90 million ADA tokens since September 20, adding selling pressure worth roughly $22.5 million. Martinez stated that open interest in ADA futures has declined 9% over the last week, from nearly $2 billion to about $1.81 billion, which suggests traders are reducing leveraged exposure.
The Tom DeMark Sequential indicator flashed a sell signal on ADA’s daily chart on September 26, and the asset’s valuation has dropped 10% since then. Martinez identified $0.24 as the key mid-range support, warning that losing that level could lead to a further decline to $0.21, while holding the lower boundary could present the next buying opportunity targeting the channel top near $0.28.
Cardano’s native token has historically underperformed in October compared to Bitcoin, finishing in the red six times over the past nine years. On the positive side, Brazil’s state oil giant Petrobras has tapped the Cardano blockchain to verify environmental data related to low-carbon fuels.
Several market observers highlighted this development, with TMA | The Money Ape suggesting that Cardano’s real-world use case is here. Analyst JAVON MARKS also predicted a significant rally, stating that ADA appears to have based similarly to 2020 before a massive price increase, expecting another monstrous run with a $2.90 target.
