ADA Slides 2.87% as $100M Treasury Shift Spurs Sell-Off and Tests Key Support Levels

Cardano (ADA) declined by 2.87% over the past 24 hours, falling from a 24h open of $0.6232 to a current price of $0.6053, according to Binance data. This price drop is primarily attributed to heightened bearish sentiment following news of a proposal to convert $100 million worth of ADA from the treasury into stablecoins and Bitcoin, which has sparked debate within the community and coincided with large holders selling over 270 million ADA since early June. Additional downward pressure stems from ADA breaking below key support levels, increased liquidations, and a persistent risk-off mood in the broader cryptocurrency market. Despite the negative price action, Cardano’s network adoption remains robust, with wallet growth surpassing 5.4 million and over 100,000 new wallets added in the past 60 days, though technical indicators continue to signal a multi-week downtrend and cautious near-term outlook. ADA’s market capitalization is estimated at $22–$23 billion, with trading volumes remaining high but declining alongside price.