ADA Token Faces 2.12% Price Drop as 70 Million Governance Proposal Spurs Trading Activity

Cardano (ADAUSDT) experienced a 2.12% price decrease over the last 24 hours, trading at $0.4396 on Binance. This movement can be attributed to mixed market sentiment, with technical analysts noting both bullish consolidation above support zones and ongoing bearish pressure from sellers. The approval of a 70 million ADA governance proposal aimed at increasing on-chain activity, along with anticipation for the upcoming Midnight token Glacier Drop, may have influenced trading interest, while on-chain data revealed concentration of NIGHT token supply in a single wallet, potentially affecting overall confidence. ADA maintains strong trading activity, with 24-hour volume ranging from $470 million to $817 million and a market capitalization of approximately $16 billion, as the asset continues to hover near key support levels amid active participation from buyers and sellers.