ADA Drops 2.6% as 230 Million Tokens Sold Despite Staking Growth and Midnight Sidechain Launch

Cardano (ADA) experienced a 2.60% price decline over the past 24 hours, trading at $0.5853 on Binance, with the drop attributed to increased sell pressure from large holders offloading approximately 230 million ADA and heightened market volatility. This followed a surge in trading volume and a struggle to maintain the $0.60 support level, despite positive developments such as surpassing 1.3 million staking addresses and ongoing ecosystem innovation, including the launch of the Midnight sidechain for asset tokenization. ADA remains actively traded, with a 24-hour volume of around $652.89 million and a market capitalization near $22.7 billion, ranking among the top 10 cryptocurrencies by market cap.