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Cardano (ADA) has been facing ongoing struggles since March, as the price approaches its one-year low. On-chain data suggests potential selling pressure as investors become increasingly wary.
After reaching a 34-month high of $0.807 on March 12, Cardano (ADA) has seen a 15% drop over the past 30 days, bringing the price closer to its one-year low of $0.29. Currently, ADA is trading at $0.33, with a market cap of $11.8 billion and a daily trading volume of $185 million, which has increased by 5%.
Selling Pressure Building
According to IntoTheBlock (ITB), the number of daily active addresses (DAA) in loss has spiked from 1,680 to 11,960 in just a week. This rise in loss-making addresses typically signals panic selling as investors try to cut their losses.
With the U.S. presidential elections adding uncertainty to the broader market, Cardano’s bearish momentum could intensify.
ITB data further reveals that only 17% of ADA holders are in profit at this price level, with a small 3.6% at break-even. The remaining holders are facing losses. Currently, ADA is down about 89% from its all-time high of $3.10 reached in September 2021.
Token Unlocks and Bearish Sentiment
Though relatively small compared to its market cap, ADA token unlocks are adding to the bearish sentiment. On October 27, 18.53 million ADA tokens, valued at $6.15 million, entered circulation. Another similar unlock is scheduled for November 1. So far, 34.99 billion ADA tokens have been released from a maximum supply of 45 billion.
Positive News: BitcoinOS Integration
In a positive development, Cardano recently announced its integration of BitcoinOS’ Grail Bridge, which could enable Bitcoin (BTC) holders to move liquidity across networks using zero-knowledge mechanisms without intermediaries. This move could help Cardano tap into the broader Bitcoin ecosystem and bring additional utility to the platform. However, despite this development, Cardano is still facing significant downward pressure in the short term.
