Cardano $0.24 Price Battle: Will ADA Drop Another 12%?

Cardano (ADA) price faces downside risk as large holders reduce their positions and network activity declines, according to analyst Ali Martinez.

Citing Santiment data on X, Martinez said Cardano is heading for a “big correction” amid whale selling and weakening network participation.

According to the analyst, large holders have offloaded more than 110 million ADA over the past five days. The selling adds pressure as ADA approaches a support level that will determine its next move.

CoinMarketCap data shows ADA trading at $0.2386. It is down approximately 6% over the past 24 hours and 12% over the past seven days. Despite the recent decline, the token remains up 15% over the past 30 days, although it is still down 28.32% year to date.

Cardano Whales Reduce Holdings as Activity Falls

Meanwhile, whale selling is not the only concern highlighted in Martinez’s analysis. Santiment data also shows a decline in daily active addresses, suggesting that fewer addresses have interacted with the Cardano network.

Daily active addresses fell 41.36%, from 27,248 to 15,977. The decline coincides with the distribution of more than 110 million ADA by large holders.

The combination raises concerns about demand for ADA at current prices. While whale selling can increase the amount of tokens available on the market, declining address activity points to reduced network participation.

However, Cardano set a new transaction record this week after processing 1,780,896 transactions during Epoch 660, which ran from October 6 to October 11, 2026, according to blockchain explorer Cexplorer.io.

Epoch 660 processed the transactions across 21,243 blocks, generating approximately ₳337,720 in fees, or an average of ₳0.19 per transaction.

The milestone follows Cardano surpassing 125 million cumulative mainnet transactions on October 9. Yet, transaction counts do not necessarily represent unique users or have an impact on ADA price action.

ADA $0.24 Support Level Comes Into Focus

Martinez identified $0.24 as a critical level for Cardano, with the price approaching the support area of a rising channel. ADA’s current price of $0.2386 sits slightly below that level. This makes the channel’s lower boundary near $0.21 the next area to watch if the breakdown continues.

Essentially, a move below $0.24 could expose ADA to further losses toward $0.21, according to the analyst’s chart analysis. That would represent a decline of approximately 12% from $0.2386.

Conversely, a recovery above $0.24 could help the token regain the key level identified in the analysis. However, the reported whale selling and declining network activity remain risks for any recovery attempt.

So, the $0.24 area is the key level to monitor as traders assess whether Cardano can stabilize or extend its recent losses.