ADA Hits 56-Day Low With 4.77% Drop Despite Upcoming Midnight Launch and Treasury Proposal

Cardano (ADA) experienced a 4.77% price decline over the past 24 hours, currently trading at $0.6105 (Binance data), with a 24h open of $0.6411. The price drop is primarily attributed to ongoing bearish sentiment across the broader crypto market, a significant decrease in trading volume (down 40.79% to $371.18 million), and ADA reaching a 56-day price low. Despite positive developments such as the upcoming launch of the privacy-focused 'Midnight' coin, a potential treasury diversification proposal, and Cardano's recognition for its infrastructure and governance, these factors have not yet offset the recent sell-off pressure. ADA remains within the top 10 by market capitalization at approximately $17.44 billion, with recent volatility reflecting both profit-taking after a prior 14% weekly gain and cautious market sentiment.