News

Cardano (ADA) Sees Big Drop In Interest, But Is Likely Primed For A Rally

Published by
Cardano (ADA) Sees Big Drop In Interest, But Is Likely Primed For A Rally

Cardano (ADA) appears to be more dented by a bear market than some of its other major peers, recent data shows.

The token is down 2.2% in the past week at $0.4845, compared to steady gains across most other top-10 cryptocurrencies.

While hype over the blockchain’s upcoming Vasil Hard Fork had driven some price gains earlier this month, it now appears to have died down. ADA is trading down about 25% for June, and is around its lowest levels in 14 months.

ADA has also seen a substantial drop in daily trading volumes, from a peak of $2.4 billion earlier this month, to about $700 million over the past two weeks.

But lower volumes could set the token up for a sharp rally, especially if major whales were to begin accumulating.

Advertisement

Cardano sees large drop in unique addresses, sentiment

Data from blockchain analytics firm Santiment showed that the number unique addresses interacting on Cardano have slumped to their lowest in a year, amid waning sentiment.

Sentiment towards the blockchain has also sunk to its lowest since February- the start of the Russia-Ukraine war. Cardano saw about 53,050 unique addresses interacting on the chain on Monday, and an average of 73,204 addresses over the past 30 days.

But while Cardano has seen a sharp drop in sentiment, most other altcoins have also suffered similar weakness. A crypto rout this year has seen the top-10 altcoins lose between 50% to 80% of their value. ADA is down about 63%.

But lower prices and trading volumes could set up these altcoins, especially ADA, for a sharp rally.

Advertisement

The case for an ADA rally

Lower trading volumes in ADA would result in any large transactions directly affecting the price. As such, large-scale buying by Cardano whales could result in an immediate, upward reaction in ADA prices.

Given how significantly prices have fallen this year, ADA could attract bargain buying interest at current levels, or even after dropping further.

Anticipation of the upcoming Vasil Hard Fork, which is set to be deployed in the second half of 2022, could also drive interest in Cardano.

Advertisement

Advertisement

Share
Ambar Warrick

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at ambar@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7

Crypto ownership is a topic that has been discussed across major forums globally in the…

October 22, 2025
  • News

Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%

Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…

October 22, 2025
  • News

Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation

Bitget, a leading crypto exchange in the world, has joined forces with Google Developer Group…

October 22, 2025
  • News

Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown

Kadena has announced it was shutting down operations, sending its KDA price into a freefall.…

October 22, 2025
  • News

Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia

Hong Kong has officially approved the region’s first-ever Solana ETF in Asia. This comes as…

October 22, 2025
  • News

Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash

Peter Brandt has drawn a comparison between Bitcoin’s current price pattern and the 1977 soybean…

October 22, 2025