Cardano Whales Unload 190M ADA as $ADA Slips to $0.172, Eyes Fibonacci Floor at $0.138 🐋

Wallets holding between 100,000 and 100 million ADA have collectively shed 190 million tokens since July 1, according to Santiment Supply Distribution data, weighing on Cardano's price action. The token fell to $0.172 on July 8, extending a losing streak to four consecutive days as distribution across three whale cohorts — 100K–1M ADA, 1M–10M ADA, and 10M–100M ADA — accelerated. The on-chain flows have placed the $0.172 level at the center of trader attention, with technical markers pointing toward a Fibonacci cycle low near $0.138 as a potential downside reference if selling persists.

Santiment's cohort breakdown shows that the largest contribution to the 190 million ADA reduction came from mid-tier whale addresses, though every bracket above 100,000 tokens recorded net outflows over the seven-day window. Supply Distribution metrics track the number of addresses within each holding range and aggregate their balances, offering a granular read on which investor classes are adding or trimming exposure. The synchronized drawdown across the three cohorts mirrors prior distribution phases flagged by the analytics platform, when sustained multi-tier selling coincided with extended price declines.

Cardano's broader market context remains tied to macro crypto sentiment, with traders monitoring liquidity conditions across major exchanges and stablecoin flows into ADA trading pairs. The $0.172 print marks a fresh leg lower within a multi-month downtrend, and price has now tested levels last seen in earlier cycle troughs. Fibonacci retracement and extension tools applied to the prior swing high and low place the $0.138 zone as a key historical support area, a level that market participants are watching for potential absorption of further sell pressure.

Crypto market participants continue to reference on-chain analytics from providers including Santiment, Glassnode, and CryptoQuant to gauge whale behavior and exchange inflows. Cardano's circulating supply sits above the 36 billion ADA mark, meaning the 190 million token reduction represents roughly