ADA Slides 2% as $100M Treasury Proposal Sparks Debate Amid Rising Wallet Adoption and Robust Volume

Cardano (ADA) is trading at $0.5789 on Binance, down 2.05% over the past 24 hours, with the decline attributed to persistent bearish sentiment, weak technical momentum, and the loss of key support at $0.64 earlier in the week. The recent proposal to convert $100 million of ADA treasury funds into Bitcoin and stablecoins to support DeFi has generated discussion but has not provided immediate bullish momentum, while large ADA holders have adjusted their positions and the network has seen increased wallet adoption. ADA remains in a consolidation phase below major moving averages, with trading volume robust and support now at $0.588–$0.615, as the market awaits a decisive catalyst for direction.