ADA Slides 4.34% as Cardano Treasury Proposal and Market Consolidation Weigh on Price

Cardano (ADA) experienced a 4.34% decline over the last 24 hours, with the price dropping from 0.6010 to 0.5749 on Binance. This price decrease is primarily attributed to short-term selling pressure following the loss of the key $0.64 support level earlier in the week, as well as ongoing market consolidation amid cautious sentiment. Additional factors include increased market activity driven by founder Charles Hoskinson’s proposal to convert $100 million from the Cardano treasury into Bitcoin and stablecoins, which has sparked debate about ecosystem liquidity and treasury management. Despite protocol upgrades such as Leios and Mithril aimed at improving network scalability, technical indicators remain bearish with ADA trading below major moving averages and open interest in derivatives declining. Cardano’s market capitalization stands at approximately $12.7 billion, with a circulating supply of around 35.27 billion ADA and 24-hour trading volume exceeding $500 million, as the asset consolidates near the $0.57–$0.60 range.