ADA Token Sees 170M Accumulation Amid 3.7% Drop, Institutional Confidence Grows Despite Volatility

Cardano (ADAUSDT) is currently trading at 0.6470 on Binance, reflecting a 3.73% decline over the past 24 hours from an open of 0.6721. This price drop is primarily attributed to broader market profit-taking, which has impacted major cryptocurrencies including ADA, as well as recent downward pressure following a week-long decline from 0.76. Despite this, on-chain data shows significant accumulation by large investors, with approximately 170 million ADA acquired in recent weeks, indicating institutional confidence. Additionally, increased trading activity in Japan and a predominantly optimistic community sentiment suggest underlying support for ADA. The futures long/short ratio of 2.57 and notable long liquidations ($921,000) further highlight the volatile trading environment. ADA remains ranked 10th by market capitalization, with support forming near the 9-period EMA and a neutral RSI, suggesting potential for future volatility as market participants balance short-term selling with long-term accumulation.