$ADA Cardano's ADA token recently dropped 6.01% to $0.6412 due to market volatility and a heated debate over a proposed $100 million treasury allocation to boost the DeFi ecosystem. The proposal involves deploying 140 million ADA to provide liquidity for stablecoins, but the community is divided.

*Key Points:*

- *Proposal Details*: The allocation aims to strengthen Cardano's DeFi sector and generate sustainable revenue for the treasury.

- *Community Concerns*: Some members worry about introducing 140 million ADA in sell pressure under current market conditions, potentially causing prices to drop.

- *Charles Hoskinson's Response*: The Cardano founder dismissed sell pressure concerns as a "false narrative," suggesting gradual conversion of ADA through over-the-counter or algorithmic execution strategies.

*Market Performance:*

- *Current Price*: $0.6246-$0.63

- *Market Cap*: $22.28 billion-$22.55 billion

- *24-hour Trading Volume*: $354 million-$454 million

*Technical Analysis:*

- *Support Level*: $0.622

- *Resistance Level*: $0.645

- *Trend*: Mild accumulation with higher lows, but limited follow-through ¹ ² ³.