$ADA #ADA
Cardano's TVL fell to $360 million at the close of this edition, which means it was nearing its 2025 lows. In other words, it has been struggling to regain the levels observed at its peak in December 2024.
Other noteworthy performance metrics, such as application revenues and chain fees, also showed similar results.
These observations confirmed that the network has been struggling to establish itself in terms of growth, especially compared to some of its rivals. Cardano's native coin, ADA, was also a reflection of the network's state.
ADA bulls struggle to establish themselves
Although Charles Hoskinson described Cardano as Bitcoin's greatest threat, those sentiments were barely reflected in ADA's price action. Unlike Bitcoin, which reached a new ATH in May, ADA has been struggling to overcome its lower 4-week range.
At the close of this edition, the cryptocurrency was trading at $0.63, meaning it has given up all gains made in May. ADA was also trading at a 52% discount from its all-time high.
These discount levels may play a role in ADA's recovery and its appeal among investors. Its IMF has already indicated that the cryptocurrency signaled significant accumulation since the start of the party.
Although ADA's price action has been significantly discounted, it has a long way to go, especially from a dominance perspective. ADA had a 0.70% dominance in the cryptocurrency market, while Bitcoin's dominance recently surpassed 64%.
Although ADA's IMF indicated that accumulation was occurring, cash flow data revealed that outflows remained dominant.
However, its aggregate delta of offers and demands indicated growing bullish expectations in the derivatives market.
