ADA Token Slides 2.17% as Large Holders Sell 90 Million: Market Sentiment and On-Chain Activity Weigh

Cardano (ADAUSDT) experienced a 2.17% price decline in the last 24 hours, currently trading at 0.3602 on Binance with robust 24-hour volume. The drop is primarily attributed to persistent bearish market sentiment, as indicated by recent technical analysis showing lower highs and lows, as well as large wallet holders offloading approximately 90 million ADA over several days. Additional factors contributing to the price pressure include a declining long-to-short ratio, caution in the derivatives market, and a recent bearish crossover in the MACD and downward RSI momentum. Despite the launch of new ADA/USD1 trading pairs and notable developments such as Cardano’s collaboration with Solana and partnership with Pyth Network for DeFi, overall user engagement and on-chain activity remain flat, reinforcing short-term bearishness. Cardano's circulating supply is approximately 36 billion ADA, with market capitalization reported near $13 billion, and a weekly price decline of about 6.57%.