The Cardano (ADA) rate has stabilized at $0.61-0.64 since March 20, and market analytics indicate the risk of moving into a bearish trend.
- Cardano failed to join the dominant market themes: fee optimization, meme coins and the growth of defi activity.
- Solana (SOL) and Avalanche (AVAX) showed double-digit price growth, while Cardano is marking time.
- The volume of blocked funds (TVL) in defi on Cardano decreased by $110 million over the week, while Solana’s increased by $200 million.
- Trading positions on ADA decreased by $500 million in 30 days, which also indicates bearish sentiment.
If traders continue to close positions, the price of ADA could drop below $0.60 and continue to fall towards $0.55.
