Cardano’s ADA token fell 3% over the past 24 hours, currently trading at $0.87 after a volatile session that saw the token swing over 10% in value overnight.
The price action followed a Friday night AMA (Ask Me Anything) with Cardano co-founder Charles Hoskinson, who expressed long-term optimism for Cardano’s prospects, pointing to the upcoming Midnight Network — an initiative aimed at improving data privacy on the blockchain—as a major unlock for activity.
He noted that incorporating bitcoin (BTC) into the Cardano ecosystem could expand its use cases and investor appeal.
Hoskinson also discussed the market's macro events and catalysts during his AMA. He said he expects two potential catalysts to shape crypto markets in the coming months: a likely interest rate cut by the Federal Reserve in September and the possible passage of the Digital Asset Market Clarity Act (CLARITY).
ADA's price action
Overnight from Sunday to Monday, ADA began trading near $0.901 before surging to an intraday high of $0.963 on a spike in volume, with 333.34 million tokens exchanged during the rally, according to CoinDesk Research's data. But that momentum reversed.
ADA dropped nearly 10% to a session low of $0.862 before stabilizing around current levels. Support emerged around $0.856, a level where buyers stepped in at above-average volumes, the data showed.
ADA's Volatility spiked to 10.48% over the session, reflecting shifting market sentiment and heightened sensitivity to macroeconomic cues. The move coincided with the broader market as bitcoin price fell sharply on Sunday after a large whale dumped the digital assets. The broader market gauge, CoinDesk 20 Index, also fell more than 3%.
While ADA is still up 125% from a year ago, the token is down more than 70% from its all-time high of $2.90, reached in August 2021.
For now, though, ADA and the broader crypto market may remain range-bound as institutional investors and retail traders alike watch how regulators and central banks shape the next phase of the crypto cycle.
Read more: Here Is Why Bitcoin's Flash Crash May Signal Altcoin Season
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