TLDR
- ADA fell nearly 30% last week and is trading around $0.163, its lowest price since December 2020
- Charles Hoskinson’s brief social media break sparked panic selling before he clarified he remains on the project
- Whale wallets holding 10M–100M ADA accumulated 220 million tokens during the dip
- Open Interest dropped to $353M, the lowest since November 2024, showing reduced trader participation
- The Cardano Ouroboros Leios testnet is expected to launch in June 2026, targeting over 1,000 TPS
Cardano (ADA) has had a rough week. The token fell close to 30% and is now trading around $0.163, a price last seen in December 2020. A mix of founder comments, weak derivatives data, and broader market pressure has kept sellers in control.
The sell-off was triggered on Thursday when Cardano founder Charles Hoskinson posted on X: “I’m taking a break, TTYL.” The message caused immediate panic in the market, sending ADA to a low of $0.148 on Saturday.
Hoskinson returned the following day via a live stream to clarify he was only stepping back from social media. He said he remains committed to the project but distanced himself from responsibility for ADA’s price.
The damage had already been done. Sentiment turned sharply negative, and the price has struggled to recover.
Whale Accumulation Offers Some Support
Despite the sell-off, not everyone was selling. Santiment data shows whale wallets holding between 10 million and 100 million ADA accumulated 220 million tokens from June 1. That cohort now holds a four-month record high.
Smaller whale wallets, those holding between 100,000 and 10 million ADA, shed around 140 million tokens during the same period. This suggests a split: larger holders bought the dip while mid-tier wallets exited.
Derivatives data tells a more cautious story. Open Interest for ADA fell to $353 million on Monday, down from a May high of $585 million and at its lowest since November 2024. The long-to-short ratio sits at 0.80, below 1.0, meaning more traders are positioned for further losses than gains.
Technical Levels and What to Watch
Cardano is trading well below its 50-day, 100-day, and 200-day EMAs, which are clustered between $0.230 and $0.332. The RSI sits near 19 on the daily chart, deep in oversold territory.
Analyst More Crypto Online noted on X that ADA is tracking toward the $0.09–$0.10 region, aligning with a 100% Fibonacci extension and what they describe as the first target of a larger C-wave decline. They added that the market has “repeatedly failed to show the strength required to start a sustained recovery.”
$ADA
Cardano continues to follow the bearish path discussed in previous updates, with the market moving steadily toward the 10-cent region. The loss of the 2023 swing low near $0.22 significantly weakened the higher timeframe structure and continues to favor lower prices.… pic.twitter.com/7ZCOaeZWMS— More Crypto Online (@Morecryptoonl) June 7, 2026
Key support sits at $0.140–$0.145. A break below that opens the door to $0.130, $0.120, and $0.100.
On the project side, the Ouroboros Leios testnet is set for June 2026, aiming to push throughput from 10x to as high as 65x current capacity, potentially exceeding 1,000 transactions per second.
A spot ADA ETF becomes eligible for consideration on August 9, 2026, after completing the required CME futures seasoning period.
Governance votes recently rejected 33 million ADA in research funding with 86% opposition, and the Cardano Summit 2026 was cancelled after its treasury request fell short of the required 66.67% approval threshold.
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