It sounds like your fondant may be too thin and perhaps your edges too sharp. Condition your fondant but don’t overwork it and roll it thicker. Once you put it over the cake, carefully smooth the top with a fondant smother to remove any air bubbles and then gently start going down the sides a couple of inches at a time flaring the fondant to avoid wrinkles. Remember to be gentle to avoid tearing the fondant and don’t pull it down. Hope this helps.
DJ - Fun Fiesta Cakes