ADA Liquidations Spike 6,127% as Cardano Exits Top 10
ADA dropped from the Top 10 crypto assets by market cap, replaced by Hyperliquid's HYPE token. Cardano now holds a ₱597.04 billion ($10 billion) market cap while HYPE sits at ₱625.1 billion ($10.47 billion).
Key Takeaway
Long liquidations crushed Cardano bulls as ADA lost its Top 10 spot to Hyperliquid.
Long position holders lost $527,000 in one hour as Cardano's liquidation imbalance jumped 6,127%, according to CoinGlass data.
ADA peaked at $0.2941 before dropping to $0.2762, a 2.88% decline over 24 hours. The token couldn't break through the $0.30 resistance level despite recent momentum. Short positions lost only $8,470 during the same period, showing the pain was concentrated on the long side.
Cardano slipped out of the Top 10 crypto assets by market cap, replaced by Hyperliquid's HYPE token. ADA now holds a ₱597.04 billion ($10 billion) market cap while HYPE sits at ₱625.1 billion ($10.47 billion). Trading volume for ADA fell 25.86% to ₱34.74 billion ($581.92 million) as the price failed to maintain its rally.
The Relative Strength Index hit 72.12, signaling overbought conditions that typically precede price corrections. When RSI climbs above 70, traders often take profits, creating downward pressure.
ADA's exit from the Top 10 marks another blow to a token that has struggled to maintain its position among crypto's elite. The last time Cardano dropped from the Top 10, it fought back with development updates and network upgrades. This time, the combination of failed resistance tests and rising liquidations suggests weaker conviction among traders holding ADA at $0.2762.
This article was written based on reporting from U.Today.
