Analysts: ADA still faces selling pressure after a 10% weekly decline, with $0.24 as key support

TechFlow reports, on September 30, crypto analyst Ai stated that demand for Cardano (ADA) futures is cooling, with open interest declining 9% over the past week from $1.99 billion to $1.81 billion, indicating that traders are reducing leveraged positions. Meanwhile, whales appear to be taking profits, having sold approximately 90 million ADA worth around $22.5 million since September 20, further adding to recent selling pressure.

Ai further noted that a sell signal formed on the ADA daily chart on September 26, followed by a 10% drop, suggesting the pullback may not have concluded. The parallel channel on the daily timeframe indicates $0.24 as a key central support level; a breakdown could push ADA down toward the lower boundary at roughly $0.21. If $0.21 holds, it may present the next buying opportunity, with upside targets looking toward the channel's upper limit at approximately $0.28.