Cardano price remained in a tight range on Tuesday, June 3, even after the layer-1 network crossed a 110 million transaction milestone. 

Cardano (ADA) was trading at $0.6920, down 20% from its highest point in May. It is also hovering near its lowest level since May 8.

ADA price wavered even as on-chain data shows that the network finally crossed the 110 million milestone in total transactions since inception. It handled over 31,000 transactions on Monday, up from 27,000 a day earlier.

The rising transactions are a sign that the network is becoming more active, which is typically seen as bullish. Separate data from Santiment shows that the number of Cardano holders has jumped to 4.49 million, up from 4.46 million in May and 4.4 million in January.

The daily active address count surged to over 60,000 in May and then moderated to over 30,000 in the past few days. These numbers suggest that Cardano is attracting users ahead of the NIGHT and DUSK airdrops.

However, additional data shows that Cardano has lagged behind other layer-1 and layer-2 chains. For example, while Cardano has just crossed the 110 million transaction level, the recently launched Unichain has already processed 73.4 million. Berachain, another recently launched chain, has handled 117 million transactions in the past 12 months.

Cardano also trails other chains on additional metrics. For instance, DEX protocols on its network have handled over $109.3 million in the past 30 days, while Unichain and Sonic have processed $12 billion and $3.9 billion, respectively, over the same period.

Cardano price technical analysis points to a deeper dive

The daily chart shows that the ADA price has dropped significantly in the past few weeks. This decline followed the formation of a double-top pattern at $0.8405. It has since fallen below the neckline at $0.7110, its lowest level on May 19.

The coin has also formed a death cross pattern as the 50-day and 200-day moving averages have crossed each other, typically a strong bearish signal.

Cardano has also formed a bearish flag chart pattern, consisting of a vertical line and a rectangle. Therefore, the coin will likely break lower, potentially retesting the key support at $0.5100, its lowest point in April.