Cardano (ADA) faces an identity crisis with its price sliding near multi-month lows as a debate has started brewing with its community on the blockchain’s future direction.
Cardano (ADA) faces an identity crisis with its price sliding near multi-month lows as a debate has started brewing with its community on the blockchain’s future direction.
Now, founder Charles Hoskinson is calling for a radical narrative shift – one that hinges on positioning Cardano as a leading smart contract layer for Bitcoin DeFi.
The core of the problem, according to Hoskinson, is that Cardano has a “narrative void.” Despite a string of innovations – Leios, Hydra, Midnight, and the Glacier Drop–Cardano continues to battle public perception as a laggard chain with no clear mission.
Hoskinson believes Bitcoin DeFi represents Cardano’s best shot at regaining relevance. Projects like , Lace Wallet’s expansion, and the USDM stablecoin offer a tangible path toward unlocking Bitcoin’s $2 trillion liquidity pool. Hoskinson stated:
In the absence of such leadership, Hoskinson has tried to fill the vacuum — at great personal cost. Accusations of token misappropriation, public mockery by crypto influencers, and internal community silence have taken their toll.
All eyes now turn to Rare Evo, a crypto conference Hoskinson calls “one of the most important events” in Cardano’s history. include:
Hoskinson’s goal is to move beyond ad hoc leadership and into a structured, forward-facing organization capable of driving adoption for Cardano and ADA.
shows that ADA trades at $0.5668, registering a 1.82% drop on the day. The daily chart shows persistent bearish sentiment with Bollinger Bands (BB) indicating compressed volatility and downward pressure.
The chart below shows that ADA price is hugging the lower band at $0.5174, well below the 20-day moving average (middle band) at $0.5970, and significantly under the upper band resistance at $0.6765.
ADA Daily Chart With BoP, BB Levels
The tight BB range after a prolonged downtrend hints at potential continuation to the downside, unless a strong reversal candle emerges with volume confirmation. The Balance of Power (BoP) reads -0.76, suggesting a significant advantage for sellers. Buyers have yet to regain control since ADA broke below the $0.60 level in mid-June.
ADA must break above $0.5970 (BB midline) to even begin neutralizing the current trend. Failure to hold $0.5174 support could open the door for a retest of yearly lows near $0.48.
