ADA Token Slides 2.44% Amid Market Sell-Offs Despite Cardano Layer 2 and New Binance Events

Cardano (ADA) is trading at 0.5640 on Binance, down 2.44% over the past 24 hours from an open of 0.5781. The recent price decline is primarily attributed to continued bearish sentiment across the broader cryptocurrency market, significant sell-offs by large holders in recent weeks, and short-term technical pressures highlighted in recent news. Despite the launch of new trading competitions on Binance and ongoing development of Cardano’s Layer 2 scaling solutions, these positive developments have not offset the negative momentum driven by macroeconomic factors and cautious market sentiment. ADA's market capitalization stands at approximately $19.29 billion, with a circulating supply of about 35.36 billion tokens, and the asset remains in a short-term downtrend amid heightened volatility and active trading.