When Cardano (ADA) touched the $ 1 level after falling more than 12% since Monday, it can be said that its investors, especially amateurs are in a loss zone.
At the same time, the ADA has slipped nearly 65% from an all -time record high (ATH) on September 2, 2021 and is likely to decline even lower.
IntoTheBlock revealed more than two -thirds, or 67% of ADA hodlers incurred losses. One -quarter are still safe in the profitable zone, and 9% of them are at break -even point.
76% of ADA investors have held these assets for a period of one to 12 months. Only 11% of Cardano investors hodl for over a year and they are the ones who are still profitable even at the time of writing the ADA is trading at $ 1.08 per unit.
From a technical point of view, the ADA is facing a bearish phase so it has the potential to touch the $ 0.80 level again.
Perhaps the decline in ADA prices throughout the week is related to the development of its network which is not exciting or more accurately seen as static despite being backed by smart contract technology.
For example the number of decentralized applications (dApps). According to DeFi Llama, only 10 DeFi protocols operate on the network with a total locked value (TVL) of only $ 233 million.
Seeing this situation, Cardano founder - Charles Hoskinson explained most Cardano dApps are looking forward to Vasil’s hard fork which is expected to go live in June 2022.
While on other aspects, there is no doubt that Cardano is very prominent with the increasing network demand rate earlier this year following the launch of the SundaeSwap decentralized exchange.
In fact, Santiment also once reported that this network is one of the most exciting crypto projects on GitHub 2021.
However, it is not impossible for the ADA price to drop sharply in the event of a large sale in the near future.
