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ADA, the native token of the Cardano blockchain, has experienced significant volatility over the past 48 hours. This price fluctuation has led to millions of dollars in liquidations, according to on-chain analytics firm Coinglass.
Cardano (ADA) Liquidations
Data shows that a total of $40.80 million worth of ADA positions were liquidated in the last 24 hours. Of these liquidations, $30 million came from the long side, while $11 million came from the short side.
Current Price Momentum
As a result, ADA has recorded a 25% price drop in the past 24 hours and is currently trading near $0.81. Due to this significant price fluctuation, its trading volume has dropped by 30%, indicating lower participation from traders and investors compared to previous days.
Cardano (ADA) Technical Analysis and Upcoming Levels
With the notable price drop, ADA has reached a crucial support level of $0.80. According to expert technical analysis, this support level was previously broken during the recent upside rally. Based on recent price action and historical patterns, if the asset holds this level, there is a strong possibility it could soar by 35% to reach $1.14. However, if the asset fails to hold this level, it could decline by 20% to $0.65 in the coming days.
$110 Million Worth of ADA Outflow
Despite market uncertainty, investors and long-term holders appear to be accumulating the token, according to on-chain analytics firm Coinglass. Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of over $110 million worth of ADA tokens in the past 48 hours.
When Combining these on-chain metrics with technical analysis it appears that bulls strongly accumulating the token for the long-term holders.
