Cardano (ADA) is facing serious challenges in its price consolidation. Following a decrease in trading volume, ADA's price declined by over 3.6% in the past 24 hours, raising doubts about its future growth.
ADA Price and Resistance Level
Currently, Cardano cannot break through the resistance level of $0.8955. This has led to sell-offs among investors, many of whom are becoming more cautious regarding future price movements.
Declining Trading Volume and Whale Pressure
The trading volume of Cardano has fallen by 14.54% in the past 24 hours to 1.42 billion. Data shows that large holders, known as "whales", have played a decisive role in the decline. They sold about 30 million ADA, which increased selling pressure on the market.
Community Optimism Despite Challenges
Despite the current market challenges, sentiment within the Cardano community remains optimistic. About 88.4% of voters expect the price to eventually rise above $1, which is a significant target for 2025.
The situation with Cardano requires attention, though the overall community sentiment remains positive. Overcoming the resistance level and reaching the $1 price point could strengthen Cardano's position in the cryptocurrency market.
