ADA Token Faces 3% Price Drop Amid $71M Network Upgrade and Midnight Airdrop Anticipation

Cardano (ADAUSDT) experienced a 3.03% price decline over the last 24 hours, currently trading at $0.7941 on Binance. The recent price movement follows heightened volatility around the $0.80 resistance level, driven by the community's approval of a $71 million fund for network upgrades and anticipation of the upcoming Midnight (NIGHT) token airdrop, which allocates 50% of tokens to ADA holders. Despite positive sentiment from these developments and increased network activity, short-term bearish signals emerged, including a bearish engulfing pattern and failure to reclaim key resistance levels, contributing to the downward price action.

ADAUSDT maintains robust market activity with a 24-hour trading volume of $1.05 billion to $1.417 billion and a market capitalization of approximately $28.31 billion to $29.58 billion, ranking it as the 11th largest cryptocurrency. The asset has seen notable growth over the past week and month, but current technical indicators suggest a period of consolidation and potential for further volatility.