ADA Token Slides 2.75% Amid Yearly Lows in Network Activity Despite Major Cardano Upgrades

Cardano (ADA) is currently trading at $0.5545 on Binance, reflecting a 2.75% decline over the past 24 hours from a 24h open of $0.5702. The recent price decrease can be attributed to declining network activity, with daily active users and monthly transactions reaching yearly lows, and a notable reduction in futures open interest from its yearly high. Despite the launch of wrapped Cardano (cbADA) on the Base network and the announcement of the Midnight project’s Glacier Drop airdrop, these developments have not yet translated into immediate upward price momentum. Trading volume remains robust, historically ranging between $500 million and $1 billion daily, and the market capitalization is estimated around $20 billion, with sentiment supported by recent governance upgrades such as the Plomin Hard Fork. Overall, ADA’s price action is influenced by subdued on-chain activity and profit-taking, even as technical and fundamental interest in the asset remains strong.