The United States Securities and Exchange Commission listed Cardano (ADA) among the tokens identified as securities in a court filing on Monday. As expected, the markets reacted negatively, triggering a 10% price retracement. On-chain data reveals a slim chance of an imminent ADA price rebound.
Cardano (ADA) has been one of the worst-hit assets in the top 10 global crypto rankings this week. With unrealized losses rising to critical levels, will the beleaguered investors now stop selling and help Cardano price recover?
Cardano Holders Could Soon Stop Selling
According to Santiment’s Market Value to Realized Value (MVRV 30d) data, most crypto investors that bought Cardano in the past month are now sitting on sizeable unrealized losses.
The MVRV ratio evaluates the net-financial position of investors by comparing their purchase prices to current market prices.
The chart below shows that, with prices sitting at $0.33,…
