ADA Token Drops 4.16% Amid Bearish Momentum Despite cbADA Launch and Whale Accumulation

ADAUSDT declined 4.16% over the last 24 hours, opening at 0.5792 and currently trading at 0.5551 on Binance. The price drop is primarily attributed to ongoing bearish technical momentum, with ADA trading within a descending channel and recent declines in broader market sentiment. Increased selling activity from retail holders, who offloaded 10 million ADA since June 1, was offset by accumulation from large holders, but this did not prevent the recent downturn. Despite ecosystem developments such as the launch of cbADA on Coinbase’s Base network and the Midnight Glacier airdrop driving higher trading volumes and social media attention, these positive factors were outweighed by short-term technical weakness and cautious investor sentiment. ADA’s circulating supply stands at just over 35.26 billion, with substantial trading activity reflecting persistent volatility and a price well below its 2024 high.