Cardano Price Faces Downward Trend Amidst Declining Network Activity

The Cardano (ADA) price has entered a bearish market, with potential for further decline as network activity and social dominance weaken. The cryptocurrency currently trades around $0.668, down 22% from its peak in May. This decrease aligns with declining on-chain metrics, including social dominance which is now hovering at 0.79%, marking a significant drop from 1.8% in May. This suggests reduced public engagement and conversation about Cardano on platforms like X and Reddit.