Cardano’s price experienced a sharp reversal after reaching $0.657, its highest level since March 30 and 138% above its year-to-date low.

Cardano ada-13.28%Cardano entered a correction, falling by 14% from its weekly high and was trading at $0.562 at press time.This decline mirrored the pullback in other major cryptocurrencies. After approaching $90,000, Bitcoin btc-2.16%Bitcoin retreated to $86,000. Most major coins followed a similar move, primarily due to profit-taking, as many assets have been in a strong bull run in recent days. In most bull runs, financial assets often experience a pause as investors book profits.

Cardano’s recent rally was driven by several factors. Charles Hoskinson, Cardano’s founder, hinted that he plans to become more active in U.S. policy now that Donald Trump has won the election.

Additionally, Cardano’s DeFi total value locked has climbed to $350 million, its highest level in over seven months. This TVL could continue to grow, especially with the anticipated integration of BitcoinOS, which is expected to unlock $1.3 trillion in liquidity.

Cardano’s surge also coincided with a rise in futures open interest, reaching its highest level in months. It has remained above $500 million for three consecutive days, the first time it has done so since March.

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