The price of Cardano's [ADA] may be struggling, but will this help at all?

Kabir903

Cardano has won the majority of the public vote for the Best L1 Network award. In recent weeks, ADA has been one of the laggards in the cryptocurrency market.
Cardano [ADA] is leading the charge ahead of the highly anticipated Blockchain Life Forum in Dubai, clinching the Best Layer 1 (L1) Network award.
AMBCrypto discovered through the official voting portal for the event that the smart contract platform topped the polls in 2015.
Interestingly, Cardano is far ahead of giants like Ethereum (ETH) and Solana (SOL), who could only garner 484 and 161 votes respectively at the time of writing this.
The public voting will continue for another ten days. After this period, the chain with the most votes will be declared the winner.
A prominent member of the Cardano community stated that winning this award would significantly boost the ecosystem and the native token ADA's visibility.
It can be said that the token indeed needs a significant bull market catalyst.
A Story of Poor Performance
In recent weeks, ADA has been one of the laggards in the cryptocurrency market.
According to data from CoinMarketCap, despite significant gains in most leading assets this month, the ninth-largest cryptocurrency has seen a decline of 3.41%.
Furthermore, the company has only managed to accumulate a modest 6.6% increase year-to-date.
According to AMBCrypto's analysis of Santiment data, the total supply profit percentage for ADA has plummeted from 82% to 76% over the past two weeks.
This poor performance has also caught the attention of whales, who appear to have abandoned the coin.
This month, the number of wallets holding 1000 to 100,000 coins has seen a significant decline, indicating that they are selling off.
Will ADA Decline?
AMBCrypto has examined some key technical indicators for ADA to better understand its potential next moves.
The Relative Strength Index hovers below the neutral 50 line. Previous attempts to breach this level have not been successful. A breakthrough of 60 points might instill more confidence in bullish traders.
The On-Balance Volume (OBV) shows a negative divergence from price trends, suggesting that the upward momentum may soon dissipate.
In the upcoming trading periods, there is a risk of the Moving Average Convergence Divergence (MACD) crossing below the signal line, leading to a sharp decline in ADA.

Jatin255

Wallets generally tend to choose ones they can trust.

Yamini003

This will also be of some help.