Cardano extends decline toward $0.15 as retail demand weakens

Key takeaways

• ADA remains under pressure after last week’s 30% sell-off
• The coin could dip lower if the bearish trend in the market persists.

Cardano (ADA) continues to struggle on Wednesday, trading near $0.1600 and extending losses following last week’s sharp 30% decline. 

The cryptocurrency remains under intense selling pressure as investor confidence weakens and retail participation fades.

Despite the bearish backdrop, on-chain data suggests that selling activity from long-term holders may be approaching exhaustion, potentially laying the groundwork for a future recovery.

Dormant supply spike suggests capitulation among long-term holders

Recent on-chain data from Santiment shows a significant surge in dormant ADA supply re-entering circulation during early June.

Several spikes in dormant supply spent exceeded 20 billion ADA, culminating in a massive 40.6 billion ADA movement on June 9, the largest recorded spike during the current sell-off.

This wave of activity indicates that long-term holders who had previ...