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Whale Alert recorded a big Cardano transaction on Monday as 67,810,471 ADA were withdrawn from Coinbase and moved to external wallets. The transactions, split between two addresses, were valued at about $54.3 million. One received 67.8 million ADA, and the other received 2.2 million ADA.
Moving coins into private wallets reduces the immediate supply available for trading and can suggest that holders prefer self-custody.
In the eyes of many, that is a bullish sign. It might also point to off-exchange deals or portfolio reallocations, things that do not immediately impact market liquidity.
The transfer comes at a time when ADA's price is under major pressure. The token is currently trading at around $0.814, down 7.6% from last week. Bulls held strong at the $0.79 level, making it a key spot to keep it on point.
There is some resistance at $0.87, and if sentiment turns bullish, there are higher targets around $0.92 and $1. Conversely, should support give way, traders are watching $0.75 as the next level.
New Cardano roadmap
All of this is accompanied by the Cardano Foundation's new roadmap outlining six main objectives beyond price action. This includes putting aside a lot of ADA funding to boost liquidity for stablecoins, getting more people involved in DeFi and improving governance structures.
The goal of these initiatives is to make Cardano more competitive with platforms like Ethereum and Tron, which are currently the leaders in the stablecoin market.
With the combination of heavy exchange outflows, a test of technical support and new development goals, Cardano is at a turning point as Q4 begins.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team