ADA Token Faces 2.57% Dip Amid Profit-Taking, Eyes Grayscale ETF Approval and Institutional Interest

Cardano (ADA) is currently trading at $0.6626 on Binance, reflecting a 2.57% decline over the past 24 hours from an open of $0.6801. The recent price drop is primarily attributed to ongoing profit-taking across the broader crypto market, as well as higher outflows than inflows from exchanges and a greater volume of sell orders observed in order books. While optimism persists due to a 71% chance of SEC approval for a Grayscale ADA ETF and continued institutional interest, short-term bearish momentum remains evident, supported by declining DeFi total value locked and recent liquidation activity. Despite these pressures, ADA has shown resilience in recent weeks, with some analysts and investors maintaining a positive outlook based on technological developments and potential for future growth. Trading volume remains robust, and the market continues to monitor key resistance levels for signs of a trend reversal.