ADA Price Dips 5.5% Amid Market Volatility, But On-Chain Activity and DeFi TVL Surge

Cardano (ADA) experienced a 5.5% price decline over the past 24 hours, currently trading at $0.6395 on Binance, down from a 24h open of $0.6767. The price drop is primarily attributed to ongoing market volatility influenced by broader macroeconomic concerns and high correlation with Bitcoin, as well as recent profit-taking following a period of accumulation by large holders. Despite the short-term decrease, on-chain activity remains strong, with a 12% increase in daily active wallets and over $430 million in DeFi total value locked. Trading volume remains robust at approximately 1.2 billion ADA, and Cardano holds a market capitalization of $17.44 billion, ranking 10th among cryptocurrencies. Overall, the market is characterized by active trading and shifting sentiment amid global economic uncertainty and continued ecosystem development.