Cardano (ADA) has been on a rocky path this month. After posting early gains, the altcoin has now retraced 37%, erasing most of its recent upside. 

While broader market indicators hinted at a bullish outlook, technical patterns suggest that the momentum may not hold.

Cardano Losses Are Likely

Cardano appears to be nearing a Death Cross, a bearish technical signal. This occurs when the 50-day exponential moving average (EMA) slips below the 200-day EMA. Historically, this crossover has often preceded sharp price declines.

If this formation is confirmed, it would be ADA’s first Death Cross in 10 months. It would also officially end the ongoing five-month-long Golden Cross, a bullish pattern that previously supported the asset’s growth.

With momentum fading, investors may see this as a pivot toward further downside pressure.

On-chain data further dampens investor confidence. The MVRV Long/Short Difference — a metric comparing the profitability of long-term holders (LTHs) to short-term holders (STHs) — has been declining steadily.

While still in positive territory, its fall suggests LTHs are seeing their profits shrink.

This metric is now sitting at a four-month low, increasing the risk of profit-taking by LTHs. If these investors begin to sell to preserve gains, it could introduce added selling pressure. The resulting drawdown may undercut any bullish momentum Cardano is attempting to hold onto.

ADA Price Is Consolidated

ADA is currently trading at $0.71, down 37% from its recent high. The decline has broken its macro uptrend, although the altcoin remains just above the $0.70 support level. This floor has acted as a key technical barrier.

However, the looming Death Cross, combined with fading long-term investor confidence, may push Cardano below this support. If $0.70 is breached, ADA could slip to $0.62. This would mark a further extension of the ongoing correction phase, reinforcing the bearish outlook.

On the other hand, if Cardano manages to invalidate the bearish thesis, it must rise above $0.77. This would end the current 11-day consolidation phase.

A successful breakout could propel ADA toward $0.85, reclaiming some of the lost ground and potentially restoring short-term investor confidence.

While crypto airdrops are always expected to fuel fortunes and adoption, Binance’s latest report exposes deep flaws. Reduced rewards, insider profit, and bot exploits are increasingly impacting community trust in airdrops.

Once a growth engine, crypto airdrops now risk becoming liabilities. Can the industry fix them before users lose faith?

Binance’s Analysis of Recent Crypto Airdrops

This report highlights the flawed system that is turning excitement into frustration. With this, Binance poses the rhetoric: Are airdrops crypto’s golden ticket or a ticking time bomb?

Binance exchange’s analysis gives Pudgy Penguins’ airdrop a near-universal 10/10 acclaim in community sentiment. Hyperliquid followed closely with a 9/10 rating after handsomely rewarding and setting new DeFi standards.

However, the fallout is swift and severe when airdrops fail to deliver. The Binance research cites Redstone (RED), which originally pledged 9.5% of its token supply to the community and slashed it to 5% at the last moment.

This triggered widespread backlash and a dismal 2/10 sentiment score, according to Binance’s Grok AI analysis.

It also cites Scroll’s October 2024 airdrop as another disaster, highlighting vague rules and an unclear eligibility snapshot leading to a disappointing 3/10 rating.

Similarly, in February 2025, Kaito distributed 43.3% of its supply to insiders while allocating a mere 10% to the community. The move saw influencers quickly dump their holdings, eroding trust.

Further, the report cites Sybil farming, where bots amass tokens in bulk. Technical failures such as Magic Eden’s botched claim process in December 2024 have further fueled user discontent.

Why Most Airdrops Fail to Deliver

Beyond exposing flaws, Binance’s report dissects the mechanics behind these failures—last-minute allocation changes, like Redstone’s, signal poor planning and damage credibility. Lack of transparency, as seen in Scroll’s unclear eligibility criteria, breeds suspicion of favoritism.

Insider-heavy token distributions, such as Kaito’s, alienate retail participants. Meanwhile, technical inefficiencies, including Magic Eden’s malfunctioning wallet claims, turn airdrops into frustrating user experiences.

With billions at stake, these issues are no longer minor hiccups but existential threats to the legitimacy of the crypto airdrop model.

“Tokens are a new asset class….Airdrops are their wild frontier,” wrote Binance macro researcher Joshua Wong.

Despite the turmoil, Binance outlines a potential path forward to restore confidence in crypto airdrops. First, it calls for transparency, urging retroactive airdrops to set clear eligibility criteria in advance.

Meanwhile, engagement-based models should commit to fixed point-to-token ratios.

Next, projects must prioritize genuine community engagement, treating tokens as more than just digital assets as tools for building loyal ecosystems.

Finally, technical solutions such as on-chain monitoring and proof-of-humanity tools, like those employed by LayerZero, could help combat Sybil farming and enhance fairness.

Taken together, Binance’s report is a wake-up call that while crypto airdrops present a unique opportunity to democratize wealth and strengthen blockchain communities, they also risk collapsing under the weight of mismanagement and exploitation.

Solana (SOL) is under pressure after failing to sustain its recent rally and is now trading lower, following Bitcoin and Ethereum’s recent patterns. Despite briefly surging earlier this week, SOL has dropped over 3% in the past 24 hours.

Technical indicators are showing growing bearish signals, with sellers regaining control in the short term. Traders are watching key support and resistance levels as Solana struggles to regain its bullish momentum.

SOL Ichimoku Cloud Shows The Setup Is Turning Bearish

Solana is currently trading below the Ichimoku Cloud, indicating a bearish trend in the short term. The price has fallen under both the Tenkan-sen (blue line) and Kijun-sen (red line), suggesting downward momentum is still in play.

The cloud ahead is thin and flat, signaling weak trend strength and the potential for continued sideways or bearish price action unless buyers step in soon.

Additionally, the Lagging Span (green line) is positioned below both the price and the cloud, reinforcing the bearish sentiment. The price is hovering near the lower boundary of the cloud, which could act as immediate resistance if Solana attempts a rebound.

If sellers maintain control, SOL could face further downside pressure, while a breakback above the cloud would be needed to hint at a possible trend reversal.

Solana DMI Shows Sellers Regain Control After The Brief Surge

Solana’s DMI chart shows that the ADX has dropped to 15.87 from 22.18 yesterday, indicating a weakening trend.

The Average Directional Index (ADX) measures the strength of a trend, with values above 25 suggesting a strong trend and values below 20 pointing to weak or consolidating price action.

At the same time, the +DI has fallen sharply to 16.85 from 28.62, showing a loss of bullish momentum. Meanwhile, the -DI has risen to 22.53 from 14.88, suggesting growing bearish pressure.

With the -DI now above the +DI and the ADX below 20, Solana could remain under selling pressure or enter a range-bound phase as bears take short-term control.

Solana Could Fall Until $112 If Bearish Momentum Intensifies

Solana followed a similar pattern to Bitcoin and Ethereum, briefly rallying between March 19 and 20 before reversing and dropping over 3% in the last 24 hours.

The price is now approaching key support around $120, and a break below this level could trigger a deeper decline toward $112 or even below $110.

Despite the recent corrections, according to Charles Wayn, founder of decentralized Web3 super-app Galxe, told BeInCrypto that Solana’s success shows blockchains need niches:

“As Solana celebrates the arrival of its first futures ETF, it has firmly disproved those who doubted its survival since its launch five years ago. While not becoming the “Ethereum killer” it was touted to be, it has – among other things – emerged as the blockchain for meme coin trading. With $3 billion in daily meme coin trading volume at the peak of the frenzy, Solana’s pump.fun is the largest and highest-grossing meme coin launchpad in the market. Solana has truly found its niche in the crypto market over the last five years – and now it’s time for other blockchains to find theirs.”

He also points out Solana’s success in the meme coins sector:

“Solana’s success in the meme coin sector demonstrates the need for multiple Layer1 blockchains in the crypto ecosystem. Indeed, many competitors have come into the space to challenge Solana as the retail chain, but its dominance in meme coins has kept it popular with new and mainstream users. There will always be faster, cheaper, more composable and more UX-friendly chains – however, specialized Layer1s that focus on a specific aspect of the industry are going to become more prevalent. Crucially, discovering a niche will allow chains to remain competitive and attract developers and users,” says Wayn.

If Solana price manages to regain bullish momentum, it could first target resistances at $131 and $136. It recently tried and failed twice to break that resistance.

A stronger recovery could lead to a rally toward $152.9 and potentially $179.85, which would mark its highest price since early March.