Cardano price has entered a critical phase after confirming a bearish breakdown. The token has already lost key support, and the technical structure now points toward deeper downside risk. Whales dumped 120 million ADA early, and their silence now may reveal what’s next. Retail buying exploded 640%, but whales stepping away changes the risk picture.
From February 19 to February 23, holdings fell from about 2.54 billion ADA to 2.42 billion ADA, a drop of roughly 120 million ADA (about $30 million). This selling started even before the head-and-shoulders breakdown confirmed on February 22. On February 21, ADA exchange outflows totaled around $344,450; by February 23, outflows surged to $2.55 million.
Retail buying has been strong while profitability metrics show a low but improving stance. The Percent of Total Supply in Profit dipped to 6.06% on February 12, recovered to around 11% before the breakdown, and now sits near 8.45%. Cardano has broken the head-and-shoulders pattern on the 8-hour chart, signaling a shift from accumulation to distribution and potential further downside. The next immediate support sits near $0.259; a break below could target around $0.233, while a recovery above $0.276 would be the first sign of strength and a move above $0.293 would invalidate the bearish setup.
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