In July 2024, Cardano (ADA) has been experiencing notable developments. The total value locked (TVL) in Cardano's DeFi ecosystem reached $450 million, contributing to a 17% jump in ADA's priceâ (CoinDesk)â. However, the ADA market has faced some challenges. The daily number of ADA transactions worth between $1 million and $10 million has decreased by 33%, and transactions over $10 million have declined by 24% in the last 30 days. This decline in large trades has raised concerns about liquidity and market sentimentâ (CryptoLists)â.
Technically, ADA has weakened from $0.49 to $0.35 since June 2024, with current prices around $0.39. Analysts suggest that ADA might struggle to hold above $0.35 and could potentially test support levels at $0.30 if the downward trend continuesâ (CryptoLists)â.
For more detailed information, you can visit CoinDesk and Crypto Lists.
