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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.
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