Over the last three weeks, Cardano (ADA) has been caught in a consolidation phase, hovering within the $0.25 to $0.28 price range.
However, recent on-chain data trends are pointing to potential bearish momentum ahead, casting a shadow over the coin’s performance.
Despite a buoyant atmosphere in the broader altcoin market, Cardano’s price has remained relatively stagnant around the $0.25 mark.
The latest on-chain activities involving ADA price speculators and DeFi stakers are adding further bearish undertones to the narrative.
Towards the end of August, the crypto world witnessed a significant development as Grayscale secured a victory over the SEC in its pursuit of registering a Spot Bitcoin ETF.
This news injected a fresh wave of optimism into the cryptocurrency markets, briefly boosting Cardano staking activities. However, recent data paints a different picture.
Data reveals that Cardano staking has taken a noticeable hit, dropping from 63.3% to 62.8% within the first week of September.
In concrete terms, Cardano holders have chosen to unstake approximately 175.4 million ADA coins, representing 0.50% of the total circulating supply, from smart contracts.
Considering the current market price of around $0.26 per ADA, this unstaking trend signifies that nearly $45.6 million worth of tokens may soon re-enter the markets.
This substantial influx of previously staked tokens into circulation raises concerns about potential downward pressure on ADA’s price.
