ADA Token Drops 4.69% Amid Bearish Market, Staking Surges and Support Holds Near $0.56

ADAUSDT experienced a 4.69% price decline over the past 24 hours, dropping from 0.5816 to 0.5543 on Binance. This move is attributed to ongoing bearish sentiment in the broader market, reinforced by recent technical rejections from key resistance zones ($0.582–$0.588) and continued sell pressure after ADA failed to sustain a breakout above $0.635 earlier in the week. Despite positive developments in Cardano's DeFi ecosystem, including over 22 billion ADA staked and growing community engagement, the lack of a clear bullish reversal and anticipation of macroeconomic factors and upcoming protocol upgrades have contributed to increased volatility and cautious trading. Current trading volume remains elevated, with strong support observed around $0.562, as market participants monitor for potential accumulation or further downside. ADA’s market capitalization is estimated between $12.7 billion and $13.5 billion, reflecting ongoing consolidation near local support levels.