Cardano’s ADA ($0.65) token slid 3% in the past 24 hours, trading at $0.87 after a volatile session. The token swung more than 10% overnight, reflecting heavy market turbulence. ADA began Sunday near $0.901, rallied to $0.963 on surging volume, and then lost momentum. Traders exchanged 333.34 million ADA during the rally. However, sellers soon regained control, pushing the token down nearly 10% to $0.862. Buyers stepped in at $0.856, creating a short-term support level backed by above-average volumes.

Hoskinson’s Market Outlook

The price action followed Cardano co-founder Charles Hoskinson’s Friday AMA. He voiced long-term optimism for the blockchain, citing the upcoming Midnight Network, which aims to strengthen data privacy and stimulate new activity on the platform. Hoskinson also said that integrating Bitcoin into Cardano could expand the ecosystem’s utility and attract a broader pool of investors.

Hoskinson addressed broader market drivers as well. He pointed to two catalysts that could shape crypto markets in the months ahead: a potential Federal Reserve rate cut in September and the possible approval of the Digital Asset Market Clarity Act (CLARITY). Both events, he suggested, may determine how institutional players and retail traders allocate capital moving forward.

Volatility in Focus

ADA’s volatility spiked to 10.48% during the session, underscoring shifting sentiment and the market’s sensitivity to macroeconomic cues. The sharp move mirrored the wider market after a large Bitcoin whale triggered heavy selling pressure on Sunday. Consequently, the CoinDesk 20 Index fell more than 3% during the same period.

Related article: Cardano Poised for Massive Breakout as Analyst Compares Setup to XRP ($2.59)’s 632% Surge

Despite the recent drop, ADA remains up 125% from last year. However, it continues to trade more than 70% below its all-time high of $2.90, reached in August 2021. For now, analysts expect ADA and the broader crypto market to remain range-bound until regulators and central banks define the next phase of the cycle.

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