Cardano's Total Value Locked (TVL) has reached its highest point this year, standing at $166.39 million due to increased adoption and utilization of its decentralized applications (dApps). However, the seven-day circulation of ADA tokens has decreased, indicating that many tokens have not moved since a significant hike in the metric on June 25.

The Market Value to Realized Value (MVRV) long/short difference has also dropped into the negative region, suggesting that short-term holders may realize higher profits than long-term holders. The price of ADA has lost 2.19% of its value in the last 24 hours and may go below $0.28 due to a bearish pattern in the Exponential Moving Average (EMA) Slingshot.