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Based on on-chain data, Cardano (ADA) faces a significant challenge on its way to reclaiming the $1 mark, with a massive sell wall of 4.3 billion ADA potentially serving as a key barrier to Cryptocurrency price recovery above $1.
According to IntoTheBlock's global inflow/outflow indicator, the total trading volume is 4.3 billion ADA, with buying volume ranging from $0.947 to $1.09, and an average price of $1.03.
Currently, the 309,450 addresses that are in a loss within this range may act as resistance as it is a price range heavily concentrated on the on-chain positions based on the addresses of the sellers.
For Cardano, this means that the path to or beyond $1 may not only be psychological, but may also be severely impacted by this barrier.
As of the writing of this article, due to continuous selling in the Cryptocurrency market, the trading price of Cardano (ADA) has fallen by 1.50% to $0.89 in the past 24 hours.