ADA drops 4.79 percent in 24 hours! What is behind Cardano’s new $290 million DeFi push?

Cointurk2026/06/24 03:00

By:Cointurk

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The latest developments within the Cardano ecosystem have turned the market’s spotlight back onto this network, just as ADA’s price fluctuates at critical technical levels. Persistent pressure in the broader crypto landscape has kept Cardano investors watching closely, especially amid notable infrastructure upgrades and ambitious growth plans in decentralized finance (DeFi).

DeFi expansion enters a new phase Leios testnet goes live Technical analysis: Key levels in focus Cardano extends its educational program

DeFi expansion enters a new phase

At the time of reporting, ADA was trading at $0.1509 according to TradingView data, marking a 4.79 percent drop over the past 24 hours. Despite this downturn, Cardano’s ecosystem has seen promising new initiatives emerge.

According to information shared by Cardanians, AlphaGrowth has launched the PRIME initiative to accelerate DeFi adoption on Cardano. The initiative’s aim is to attract liquidity, drive network utilization, and elevate Cardano as a key regional DeFi hub.

The PRIME initiative, as highlighted by Cardanians, targets fresh liquidity inflows, deeper user engagement, and a strengthened DeFi presence for the Cardano ecosystem.

AlphaGrowth, which has previously advanced projects such as Compound, Uniswap, and Arbitrum, announced that it helped push total value locked above $1 billion in those ecosystems. Now, the company intends to request 120 million ADA from the Cardano treasury via on-chain governance. Their proposal is to boost total value locked in Cardano DeFi from the current $90 million to over $290 million.

Mini glossary: TVL (Total Value Locked) refers to the total value of assets deposited in a DeFi protocol. This metric is widely used to measure the scale of capital and user activity across ecosystems.

Metric

Current level

Target

Cardano DeFi TVL	Approximately $90 million	Above $290 million
Treasury request	120 million ADA	Greater liquidity and usage

Leios testnet goes live

The Cardano Foundation has taken a major step to improve the network’s scalability by announcing the launch of the Leios Public Testnet. As a key entity supporting the growth of the Cardano blockchain, the Foundation plays a crucial role in both infrastructure and community initiatives.

The Cardano Foundation described the rollout of the Leios Public Testnet as a new stage for exploring the future of Cardano’s scalability.

The launch of the Leios testnet is significant for upgrading existing functions and safely trialing network performance enhancements. Should this new infrastructure gain adoption as expected, such updates may bolster long-term confidence among current and prospective Cardano users.

Technical analysis: Key levels in focus

From a technical perspective, ADA continues to trade below the middle line of the Bollinger Bands, situated at around $0.1605. This range is viewed as the first resistance point in the short term. Should bullish momentum pick up, a retest of the $0.1756 to $0.1827 bracket is possible.

On the downside, the lower Bollinger Band near $0.1497 is acting as immediate support. A breakdown below this level could intensify selling pressure and delay an eventual recovery. Additionally, the On Balance Volume indicator remains in a downward trajectory around 44.4 billion, signaling that buying appetite has yet to fully return.

Cardano extends its educational program

The Cardano Foundation further revealed that its Cardano Blockchain Certified Associate program now supports English, Portuguese, and Spanish. The Foundation outlined that the program will help participants broaden and certify their blockchain expertise, with the expansion of educational resources expected to attract new users to the ecosystem.

While the short-term price outlook for ADA remains uncertain, ongoing network upgrades, educational initiatives, and DeFi growth plans are keeping Cardano firmly on investors’ radars. Should broader market conditions stabilize, these developments could set the stage for a future upward recovery.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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