ADA Slides 8.47% Despite Nasdaq Index Inclusion and DeFi Growth Amid Market Volatility

Cardano (ADA) is currently trading at $0.6311 on Binance, reflecting an 8.47% decline over the past 24 hours from a 24h open of $0.6895. The recent price drop can be attributed to a combination of factors: despite positive developments such as the launch of the Cardinal Bitcoin DeFi protocol, rapid sell-out of ADA cloud mining contracts, and inclusion in Nasdaq’s Crypto Index, the overall market has experienced increased volatility and bearish sentiment. This is evidenced by a notable decrease in trading volume and a broader capital rotation into Bitcoin, with technical indicators turning bearish and whale accumulation activity cooling after significant accumulation earlier in the week. ADA’s recent performance also reflects a 26% year-to-date decline, with the asset currently trading between key support and resistance levels amid ongoing market uncertainty. Trading volume over the last 24 hours stands at approximately $640 million, and the circulating supply is 35.68 billion ADA, resulting in a market capitalization of about $17.44 billion.