ADA Holds Top 10 Spot Amid 3.5% Drop as $100M DeFi Proposal Awaits Market Reaction

Cardano (ADA) is currently trading at $0.6228, marking a 3.49% decline over the past 24 hours from a 24h open of $0.6453. The recent price drop is primarily attributed to ongoing market consolidation below key resistance levels, with analysts noting continued buyer pressure but limited momentum to break above $0.64. The proposal by Cardano founder Charles Hoskinson to convert $100 million of ADA into Bitcoin and stablecoins to boost DeFi liquidity, announced on June 14, 2025, has not yet resulted in a sustained positive price impact, as the market appears to be awaiting further developments and clarity on implementation. ADA remains in the top 10 by market capitalization, with a circulating supply of approximately 35.2 billion and a market cap estimated between $12.7 billion and $17.4 billion. Trading volumes remain robust, and the asset is consolidating after a recent decline from a weekly high of $0.73, with analysts monitoring for a potential major price move if long positioning increases.