Data from crypto intelligence portal IntoTheBlock reveals a disheartening trend for Cardano (ADA) investors, with over 6.5 billion ADAs turning red since Monday. These tokens, purchased at prices ranging from $0.373 to $0.385 per ADA, are now causing losses for their buyers and holders. Today, the price of ADA dipped below the lower end of this range.
Examining the Cardano token price chart, it becomes apparent that a significant portion of this volume was acquired last Friday and over the weekend. During this period, ADA witnessed an 8.3% surge, climbing from $0.354 to a high of $0.384. The buying frenzy was widespread, with more than 160,000 addresses adding Cardano tokens to their portfolios within this price range.
Investors likely anticipated that the bullish momentum would continue, but unfortunately, they found themselves trapped in losses with billions of ADA coins in their wallets. At this point, it appears overly optimistic to expect these investments to turn profitable. For now, these investors can only hope to break even.
While the weekend surge might have fueled hope, market dynamics swiftly changed, catching many investors off guard. The coming days will reveal whether ADA's price can recover, providing relief to its investors, or if further downward pressure will persist. In the meantime, those who find themselves facing losses will need to reassess their investment strategies and evaluate their risk appetite in light of these recent developments.