what's this cable hanging down by my transmission? Speedo cable?

[240dddd]

I was changing the transmission fluid in my 1994 W124 wagon today. After I got the pan back up I suddenly have this long cable hanging down and I can't figure out where it came from and where it is supposed to go.

I think it is my speedo cable, but I can't figure out why it would have so much slack in it. It's not loose on either end, there's just this large amount of cable hanging down.

I've had the car for years and never had problems with the speedo, or ever noticed this cable hanging down.