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One factor contributing to the drop in ADA's price is the concentration of liquidity at the $0.94 level, suggesting that the price could test that level as support in the short term.

Moreover, the technical setup of ADA indicates a possible price drop to $0.95, as the price is currently touching the upper band of the Bollinger Bands, suggesting that investors may continue to take profits at these levels.

It is important to note that the situation could change if demand increases with a resurgence in trading volume, which could push the price back up to $1.15 before moving towards higher levels.

Source: Cointelegraph