Large Cardano holders are putting renewed downside pressure on ADA as they reduce their holdings after a recent rebound. On Aug. 11, blockchain outlet U.Today reported that over the past 9 days the number of wallets holding 1 million to 10 million ADA fell to 2,340 from 2,370.

Blockchain analyst Ali Martinez (알리 마르티네즈) first spotted the exit by large holders. In 6 related analyses, he said big investors took profits at the top, and as a result the market lost support from large capital.

The price reacted immediately. ADA slipped to $0.188 after failing to hold a recent local high of $0.202.

The key question now is whether buying can defend the core support zone. If selling pressure continues, ADA could slide further within its existing trading range, with the nearest key level at $0.170, a mid-level support line.

If $0.170 breaks, the correction could deepen. If retail investors also sell by following whales, ADA could fall to around $0.144, the lower end of the horizontal range. This zone was presented as a level at which the trend would fully reverse.

On-chain indicators also worsened. Exchange supply surged, and the MVRV ratio crossed below its 7-day simple moving average, forming a death cross. This was interpreted as a signal that upward momentum has been exhausted.

Technical indicators also added to the sell signals. On the daily chart, the Tom DeMark Sequential system produced a sell signal in the form of a bearish countdown. The analysis said large holders moved ahead of the market.

Ultimately, ADA's short-term direction depends on whether it can defend $0.170. The first test is whether buying can support the price even after large capital has exited.