Cardano's value has decreased by 3% in the last 24 hours, reflecting a general cooling down of the cryptocurrency market. This drop correlates with a slight reduction in overall trading activity, impacting various major alternative coins.

Nevertheless, despite the downward trend, analysis of on-chain data suggests a potential positive turn in the future for ADA token.

ADA's value has dipped, but trader confidence remains high for potential mid-term growth. Data from Santiment reveals that the coin's weighted sentiment is currently at 1.33 and is on an upward trend. This signifies that traders and investors are still optimistic about ADA's future despite the recent price decrease.

Weighted sentiment is a measure that evaluates social media and online platforms to gauge the overall sentiment (positive or negative) surrounding a cryptocurrency. A positive value indicates bullish market sentiment, while a negative value suggests bearish sentiment.

Additionally, ADA's Network Realized Profit/Loss indicator indicates a decline, revealing that many ADA holders are presently experiencing losses due to the price drop. Historically, in such situations, traders tend to hold onto their assets, which may alleviate selling pressure and potentially trigger a price increase for ADA.

Recent chart data depicts ADA moving within a specific price range since May 10, facing resistance at $0.84 and support at $0.76 over the past three days. The prevailing positive sentiment and the tendency to hold rather than sell at a loss could create a surge in demand for ADA. This may drive its price to exceed the $0.84 resistance level and potentially reach $0.92.

However, if ADA continues to decline, its price could drop below $0.76 and potentially reach $0.66.