Cardano, a popular blockchain, is facing significant challenges, including a sharp price drop and declining DeFi performance.
Current Cardano Metrics
Cardano's current price stands at $0.60, marking its lowest level since April 25. Over the past six weeks, the asset has shown continuous losses, placing it 55% below its 2024 peak of $1.315.
Reasons for Pressure on Cardano
The total value locked in Cardano's DeFi has fallen by 30% over the past 30 days, with a current total of approximately $330 million. This has also been compounded by delays in integration with Chainlink. Cardano's founder, Charles Hoskinson, expressed frustration over the delays, potentially caused by internal divisions within Chainlink.
Future of Cardano Project
There are concerns that if support at $0.516 fails to hold, the price may drop to $0.40, indicating a potential 30% loss from the current price. The future of Cardano will depend on its ability to regain momentum and overcome these challenges.
The situation with Cardano raises concerns among investors, and it is crucial to monitor developments to understand whether the project can overcome current challenges.
