Caradano’s native gas-paying token, ADA, received a big blow at the start of June when the United States Securities and Exchange Commission (SEC) regarded it as a security in its lawsuits against Binance and Coinbase.

The lawsuit triggered a 42.5% drop in ADA’s price from $0.37 to a two-year low of $0.21 within a few days.

Additionally, the token faced further downside selling pressure due to delisting on U.S.-based trading apps Robinhood and eToro.

However, under the hood, the network has been making progress with an uptick in decentralized finance (DeFi) activity after a scalability upgrade in May.

The technical and on-chain analysis of the token also shows potential for a positive recovery.

Cardano’s DeFi ecosystem is blooming

Over the years, Cardano has come under some criticism for continued delays and network updates.

Cardano’s founder, Charles Hoskinson, attributed these setbacks to “betting on the wrong technology and being a bit ambitious with the roadmap“ in an interview with Cointelegraph, acknowledging that 85% of the initial roadmap had been completed.

Nevertheless, the network recorded an uptick in activity after the implementation of the long-awaited scala

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Author: Nivesh Rustgi

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