ADA Slides 2% Amid Bearish Pressure Despite $100M DeFi Proposal and 400,000 New Wallets

Cardano (ADA) is trading at $0.5906 on Binance, reflecting a 2.04% decline over the past 24 hours from an opening price of $0.6029. The recent price drop is attributed to increased selling pressure and bearish sentiment, as highlighted by a surge in trading volume and ongoing consolidation below key resistance levels. Despite positive ecosystem developments, such as Cardano’s founder proposing a $100 million ADA allocation for DeFi and stablecoin support and the creation of over 400,000 new wallets in six months, short-term technicals remain neutral to slightly bearish with sellers dominating intraday action. ADA continues to consolidate within a tight range, supported by strong demand between $0.588 and $0.615, while market participants await clearer signals for a potential breakout or further downside.