- Crypto trader Ali made two tweets regarding Cardano (ADA) this morning.
- The trader’s first tweet shared that there is a colossal sell wall present on ADA’s charts.
- Ali also tweeted that ADA whales have purchased $57 million ADA in the last month.
The crypto trader Ali (@ali_charts) made two tweets this morning regarding Cardano (ADA). In his first tweet, Ali shared that there is currently a colossal sell wall of 3.85 billion ADA present between $0.40 and $0.42. The trader added that slicing through this barrier may spark a rally for the Ethereum killer as there is minimal resistance present above this sell wall.
#Cardano | A colossal 3.85 billion $ADA sell wall stands between $0.40 & $0.42! Slicing through this barrier may spark a bull rally for #ADA, as it faces minimal resistance ahead. pic.twitter.com/58SdHxbCzp— Ali (@ali_charts) April 2, 2023
A few hours later, the trader then tweeted that recent on-chain data from IntoTheBlock showed that ADA whales holding between 1 million to 10 million ADA have bought roughly 150 million ADA over the past month. At current prices, this is estimated to be worth around $57 million.
Whales may be attempting to chip away at the sell wall mentioned in Ali’s first tweet, which could ignite a rally for ADA. However, there remains a large sell obstacle that ADA’s price has to overcome before traders and investors can go long on ADA.
Another thing to consider is that the aforementioned ADA whales may be the ones who built the massive sell wall, and have injected $57 million into ADA in the last month in an attempt to trigger a FOMO reaction from traders and investors with the hopes that they will be caught by the sell wall.
At press time, ADA’s price is trading at $0.3863 after it dropped 0.45% in the last 24 hours according to CoinMarketCap. Despite the 24-hour drop in price, ADA’s weekly price movement remains in the green at +10.63%.
ADA has also strengthened against Bitcoin (BTC) and Ethereum (ETH) by 2.08% and 1.71% respectively over the last 24 hours.
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