Over the past month, Cardano (ADA) has been facing a major decrease in its price, with indicators suggesting that this downward trend may continue in the near future. Data from IntoTheBlock shows a large number of Cardano holders are now at a loss, with over 2.56 million addresses, representing more than 57% of the total addresses, currently in losses.

The price of Cardano has dropped by 34.40% in the last 30 days, with recent Bitcoin selloffs further contributing to this decline. The lack of significant price action from buyers has caused Cardano to plummet by 55% from its yearly high and 83% from its all-time high. This poor performance has resulted in Cardano losing its position in market cap rankings to Toncoin (TON), causing a higher percentage of Cardano holders to be in losses.

Cardano is currently trading at $0.5134, struggling to stay above the $0.5 price level. On-chain data suggests that bears may soon take control, with a decline in bullish large transactions and net network growth. Despite this, some analysts, such as Trend Rider, remain optimistic about Cardano's future, citing a bullish RSI cross that could lead to a price surge in the coming months.