ADA Slides 3.48% Amid Midnight Token Launch and Surging Volume, Market Shows Cautious Sentiment

Cardano (ADAUSDT) experienced a 3.48% price decrease over the past 24 hours, currently trading at $0.3963 according to Binance data. This decline follows a period of consolidation after an earlier rally, with increased liquidation of long positions and stalled bullish momentum despite the recent launch of the Midnight (NIGHT) token. Heightened trading volume, partly attributed to interest surrounding the Midnight Network, reflects active market participation but has not reversed the downward price movement. Cardano’s current market capitalization stands near $14.28 billion, with a circulating supply of about 35.91 billion ADA, while technical indicators and sustained exchange outflows suggest ongoing indecision and cautious sentiment among market participants.