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The ADA cryptocurrency has seen slight gains over the past 24 hours, surpassing $0.27, a gain of nearly 3%.
However, the stock is still down about 2% for the week amid selling from major investors.
According to analyst Ali Martinez, whales sold or reallocated approximately 230 million ADA in one week, worth approximately $63 million.
As a result, their holdings dropped to less than 13.7 billion ADA, accounting for approximately 37% of the circulating supply.
The increased supply in the market resulting from these sales could put pressure on prices if sufficient demand is not met, while whale sales could be interpreted as a sign of declining confidence among major investors, which could prompt some smaller traders to sell.
However, some indicators are showing positive signs.
ADA traffic to exchanges has recorded negative values in recent months, meaning investors are moving the currency to private wallets rather than keeping it on the trading platform, which has reduced selling pressure.
The weekly relative strength index (RSI) also fell below 30, an area generally considered to indicate an oversold asset and the potential for a potential rebound.
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