ADA Token Drops 3.59% Amid NIGHT Airdrop Anticipation and Strong On-Chain Activity

Cardano (ADAUSDT) is currently trading at $0.5663, reflecting a 3.59% decline over the past 24 hours from a 24h open of $0.5874. The recent price drop can be attributed to sellers regaining control following brief intraday gains, alongside broader market volatility despite generally positive sentiment and ongoing interest in ADA. Notable developments include the upcoming NIGHT token airdrop for ADA holders on the Midnight Network, which may be influencing trading behavior as investors position themselves ahead of the June 11, 2025 snapshot. On-chain activity remains robust, with 20,000 daily active users and 619,000 monthly transactions, indicating continued network engagement. While ADA is trading near its daily low, technical analysts are monitoring the descending parallel channel pattern for potential bullish reversal signals in the near term. Trading volume remains high, and forecasts suggest moderate price recovery or consolidation with upward potential in the coming months.