ADA Token Faces 2.82% Drop Amid $1B Withdrawals and Surging Volatility on Binance

Cardano (ADAUSDT) is currently trading at $0.5998 on Binance, reflecting a 2.82% decline over the past 24 hours from an open of $0.6172. The recent price decrease is primarily attributed to renewed selling pressure from long-term holders and heightened community and leadership tensions, which have raised concerns about a potential larger sell-off. Additionally, weakening sentiment in derivatives markets and increased liquidations have contributed to the downward movement. Despite these short-term pressures, there are signs of bullish activity, such as nearly $1 billion in ADA withdrawn from exchanges this year and ongoing network development, including new smart contract deployments. Over the last day, ADA maintained strong liquidity with a 24-hour trading volume of approximately $525.6 million and a market capitalization near $12.7 billion, while forecasts suggest continued price volatility in the coming months.