The recent Cardano (ADA) hard fork has brought significant upgrades to the network, but it hasn't spurred positive price movement. Instead, crypto whales have been selling off their ADA holdings. Data shows that addresses holding 1 million to 1 billion ADA have collectively offloaded over $326 million worth, indicating a potential lack of confidence in ADA's near-term prospects.

Following the network upgrade, ADA's price fell below its short-term moving average, turning it into a resistance level.

Currently trading around $0.32, ADA has experienced a decline of over 2%. The Relative Strength Index (RSI) suggests continued bearish momentum, nearing the oversold zone.

Additionally, Cardano's network activity has dropped, with daily active addresses falling from over 35,000 to about 19,700 after the upgrade. This decline in active addresses reflects reduced network participation and cautious behavior among holders and whales.