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

Crypto analyst AI stated in a post that Cardano (ADA) futures demand is cooling, with open interest declining by 9% over the past week from $1.99 billion to $1.81 billion, indicating traders are reducing leveraged exposure. Meanwhile, whales also appear to be taking profits, having reduced their holdings by approximately 90 million ADA valued at roughly $22.5 million since September 20, further adding to recent selling pressure. AI further noted that the ADA daily chart generated a sell signal on September 26, followed by a 10% drop, suggesting the pullback may not be over yet. A parallel channel on the daily chart shows that $0.24 is a key mid-level support level; if breached, ADA could slide further toward the channel's lower boundary at approximately $0.21. If $0.21 holds, it could present the next buying opportunity, with upside targets looking toward the channel's upper boundary at around $0.28.