ADA Dips Below $0.60 on Hoskinson Vote Threat; Solaxy Raises $54.7M
Cardano’s ADA fell below the critical $0.60 level, reaching $0.5984 after founder Charles Hoskinson warned he would retire if the community rejects his proposal to diversify its $1.7 billion treasury into Bitcoin, stablecoins and cash. ADA is down 12% over the past week and 18% this month, though it remains 54% higher year-on-year. Despite the weakness, 24-hour trading volume jumped 30% above its 7-day average and exchange outflows have slowed, suggesting accumulation and reduced selling pressure. On the technical front, ADA appears oversold, with intraday trading confined between $0.589 and $0.612; a successful governance vote could trigger a rebound toward $1 by August and $2–$3 by year-end. Meanwhile, Solana layer-2 project Solaxy has raised $54.7 million in its presale, selling SOLX tokens at $0.001766 ahead of its mainnet launch in four days.
Bearish
The threat of Charles Hoskinson’s retirement if the treasury diversification vote fails has intensified selling pressure on ADA, pushing it below the $0.60 support. Despite strong volume and signs of accumulation, the uncertainty around governance and potential capital flight weighs on short-term sentiment, leading to a bearish outlook. Long-term recovery remains possible if the vote passes and market conditions stabilize.