ADA Token Sees 6.53% Price Drop Amid $550M Market Liquidations, Futures Volume Hits 5-Month High

Cardano (ADAUSDT) experienced a notable price decline of 6.53% over the past 24 hours, with the current price at 0.8573 USDT according to Binance data. The recent downturn is attributed to increased selling pressure following a correction after ADA surpassed the $1 mark last week, as well as broader market liquidations totaling over $550 million, which primarily affected long positions. On-chain data indicates some holders are selling at a loss, further contributing to the downward momentum. Despite the price drop, ADAUSDT futures trading volume reached $6.96 billion in the past week, the highest in five months, reflecting continued strong market interest. Cardano remains among the top cryptocurrencies by market capitalization, with robust 24-hour trading volume between $2.55 billion and $2.87 billion.