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Cardano (ADA), the 10th-ranked cryptocurrency asset, is facing a crucial test in its consolidation move. In the last 24 hours, its value has dropped by more than 3.6% against declining volume. These developments raise concerns about ADA’s ability to rally.
Cardano price struggles below resistance as volume declines
According to CoinMarketCap data, Cardano has failed to break out above the $0.8955 resistance level. This has triggered a sell-off on the market, resulting in caution from participants amid a possible retest of the $0.80 support. Many traders have pulled back to monitor how events unfold.
The pullback has resulted in declining volume. Notably, trading volume has dropped by 14.54% to $1.42 billion within the last 24 hours.
On-chain data shows that Cardano whales, who were in an accumulation mode in the previous week, also contributed to the current situation. These large holders sold off about 30 million ADA in a profit-taking move that has increased the selling pressure and affected price movement.
Usually, retail investors look to whales for direction, and the recent sell-off has created a severely impacted investor outlook on ADA.
As of press time, Cardano is changing hands at $0.8786, representing a 1.14% decline in value within the last 24 hours. The asset fell from a peak of $0.8936, leaving investors disappointed as they anticipated a breach of the psychological $1 resistance.
Community sentiment remains bullish despite setback
Cardano’s quest to reclaim the $1 level might have to wait longer. The current setup of declining price and volume is not contributing to upward momentum. However, the community remains bullish, with 88.4% of voters betting on a price rise to over $1. This is despite the asset only hitting that target a few times in 2025 so far.
If Cardano surges to $1, it will succeed in dethroning Tron from ninth place in terms of market capitalization ranking. Market observers are closely monitoring developments.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team