Cardano's Price Struggles Amid Decline in TVL and Network Fees

Cardano's (ADA) price has been struggling to recover, despite forming an ascending channel in recent months. The total value locked (TVL) in Cardano has continued to fall this month, reaching a low of over $65 million, its lowest level since 2023. This is a significant drop from the all-time high of over $700 million.

The network fees and stablecoin supply have also remained under pressure, with the stablecoin supply at just $64 million, a tiny amount in an industry with over $300 billion in assets. Cardano has been overtaken by chains like Robinhood Chain and Arbitrum in terms of TVL and stablecoin supply.

The network is not generating significant revenue, with earnings down to just over $87,000 this quarter, compared to $164,000 in the previous quarter. At its peak, Cardano was generating over $1.79 million per quarter.