ADA Slides 2.87% as Cardano Treasury Shift and 310M Token Move Spark Market Caution

Cardano (ADA) experienced a 2.87% price decline over the past 24 hours, dropping from a 24h open of $0.6337 to $0.6155, as reported by Binance. The price decrease is primarily attributed to ongoing bearish sentiment following recent market sell-offs, technical support tests near the $0.615–$0.620 zone, and a notable reduction in open interest for ADA derivatives. Additional contributing factors include the Cardano founder’s proposal to convert a significant portion of treasury ADA into stablecoins and Bitcoin to support DeFi liquidity, which has coincided with the movement of 310 million ADA since early June and a 40.79% drop in 24-hour trading volume to approximately $371.18 million. Despite a 14.22% gain over the past week, current market sentiment remains cautious as ADA consolidates near critical support levels, with traders monitoring for potential signs of a reversal.