Cardano price sinks to six‑year low as active addresses jump amid bearish sentiment

Cardano (ADA) has fallen to its lowest level since December 2020, trading around $0.15‑$0.146. The decline follows a broader alt‑coin slump and comes despite ongoing technical upgrades such as the Leios scaling testnet.

Fear‑driven market chatter intensified after founder Charles Hoskinson stepped back from public duties and internal treasury disputes resurfaced. A recent $20 million hack of the SecondFi project triggered panic selling, yet the same breach sparked a 120% rise in daily active addresses, climbing from about 13 k to over 28 k.

Technical analysis shows ADA breaking key support zones at $0.148‑$0.150, with the falling‑wedge pattern on the four‑hour chart suggesting a potential short‑squeeze if the price rebounds above $0.148. Funding‑rate heatmaps record extreme negative rates (‑12.65% to ‑20%), indicating crowded short positions that may flip to buying pressure.

Analysts warn that without a breakout above $0.148, further drops toward $0.136 and $0.127 are possible. Conversely, a three‑day close above $0.148 could trigger a 12% rally toward $0.17, aligning with the wedge’s height.