Cardano's ADA token has sparked renewed interest, with its 24-hour trading volume surpassing $550 million recently. Despite a 4.43% price surge, ADA has been on a downward trajectory since mid-March, indicating a bearish trend. However, positive indicators like a surge in CMF and RSI provide some optimism for ADA holders, though significant price growth is needed to reverse the trend. On-chain data shows increased trading velocity and a negative MVRV ratio, suggesting holders are not profitable yet, which could alleviate selling pressure on ADA.

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