ADA Faces 2.4% Drop Amid Bearish Pressure, High Trading Volume, and Key Support Test

Cardano (ADA) experienced a 2.40% decline over the last 24 hours, with the price dropping from a 24h open of $0.6341 to $0.6189 on Binance. This downward movement is primarily attributed to sustained bearish sentiment following a significant correction earlier in the week, large-scale ADA sales by major holders, and ongoing market volatility despite positive developments such as the upcoming 'Midnight' token airdrop and Cardano’s continued network growth. Technical indicators suggest the asset is testing key support levels, while strong staking participation and a circulating supply of approximately 35.68 billion ADA with a market cap near $17.44 billion underscore ongoing community engagement. Trading volume remains robust at around 167 million ADA, reflecting active market participation amid short-term price pressure.