$ADA

ADA Token Rebounds 2.13% Amid Volatility, DeFi Proposal, and Nasdaq Index Boost

Cardano's ADA token rose 2.13% over the past 24 hours, climbing from $0.6232 to $0.6365 on Binance. The modest recovery follows a turbulent week marked by a sharp selloff, triggered by the transfer of 270 million ADA, a broader crypto market correction, and internal debate around a proposal to convert 140 million ADA from the Cardano treasury into USDM stablecoin to enhance DeFi liquidity.

Adding to the momentum, ADA was recently included in the Nasdaq Crypto Index, increasing its visibility among institutional investors. However, whale activity has slowed, and market sentiment remains cautious due to reduced trading volumes and ongoing technical weakness.

As of now, ADA trades at $0.6365, with a 24-hour trading volume of about $640 million and a market cap near $35.7 billion. Despite the recent uptick, the token is still down 14% over the past week and 26% year-to-date, reflecting continued market uncertainty and price consolidation.