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The Cardano price has slumped 11% in the last 24 hours to trade at $0.5912 ass of 3:30 a.m. EST on a 5% pump in trading volume to $945 million.
Despite the slump in the ADA price, crypto analyst Ali Martinez has noted that whales have accumulated more than 130 million ADA tokens over the past 72 hours.
Over the past 72 hours, whales bought more than 130 million #Cardano $ADA! pic.twitter.com/1L6pCFaKvJ
— Ali (@ali_charts) February 28, 2025
Cardano Price Holds At Key Support Level – Will a Rebound Follow?
The Cardano price reached a high of $0.6466 and a low of $0.5812, showing significant volatility. The chart reveals a descending channel, which has been dictating the price movement in recent weeks.
This pattern signals a bearish trend, with the price consistently lowering and lowering highs. The support level of around $0.5631 is now a crucial point to watch. If ADA holds this level, there is potential for a reversal, but if it breaks down further, the next key support could be around $0.50 – $0.40.
ADAUSDT Analysis Source: Tradingview
A key technical indicator, the Relative Strength Index (RSI), stands at 27.93, placing ADA in oversold territory. This shows that a relief rally or bounce could be on the horizon, as oversold conditions often lead to increased buying interest. However, confirming a trend reversal would require ADA to break above the descending channel and reclaim key resistance levels.
The first major resistance stands at $1.0119, and a breakout from this zone could open the door for a move toward the target price of $1.20, which aligns with the previous bullish rally in late 2024. Now, ADA must break above the upper boundary of the channel and sustain momentum beyond $0.80 – $1.00 for confirmation of an uptrend.
A successful breakout would validate a trend reversal, potentially leading to a recovery phase. Conversely, if the price fails to hold support at $0.5631, the downtrend could accelerate, with ADA possibly testing lower support levels at $0.50 or even $0.40 in an extended bearish scenario.
Additionally, the LuxAlgo trend indicator on the chart has flashed multiple sell signals (B markers) within the descending channel, reinforcing the ongoing downtrend. However, an accumulation phase may begin if buying pressure emerges near the support level, providing a foundation for a potential reversal.
Solaxy Presale Nears $24 Million – Best Crypto To Buy Now?
While the Cardano price clings to its support zone, investors are pumping cash into a Solana layer 2 project called Solaxy (SOLX), with its presale nearing $24 million.
The surge in meme coin trading on Solana’s Pump.fun, particularly following the TRUMP and MELANIA token launches last month, has made the network more congested
That’s where Solaxy comes in. With its cutting-edge scaling solution, the project is poised to ease Solana’s congestion issues.
3/ Staking SOLX: 176% APY Rewards
Even during the presale, SOLX can already be staked with rewards of 4,377.4 SOLX per block. The returns are attractive, but remember: the more tokens staked, the lower the rewards might become.
Could this be good for long-term ecosystem… pic.twitter.com/bCKrQCQLaj
— NYC (@NgYC_87) February 24, 2025
Solaxy’s layer 2 sidechain handles transactions separately from the main network, then packages them and sends them back to Solana’s layer 1 for final approval, easing congestion, cutting fees, and boosting speed.
An analyst from the 99Bitcoins YouTube channel, with over 726k subscribers, predicts Solaxy could soar 10x after its launch.
Presale investors can also stake SOLX and earn a huge 170% annual yield. Over 6.7 billion tokens have already been staked.
Right now, SOLX is priced at $0.001648 and is available for purchase using ETH, USDT, BNB, or SOL.
Interested investors should buy before a price hike in about 4 hours.
Buy SOLX tokens on the official website here.
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