Cardano’s native token ADA is changing hands near $0.27, a steep fall from its September 2021 all-time high of $3.10, marking a decline of roughly 90%.
Despite the prolonged slump, Cardano founder Charles Hoskinson has publicly rejected suggestions that the project is fading from relevance.
Speaking during a recent podcast appearance, Hoskinson adopted a defiant tone to counter growing doubts surrounding the network’s future.
"Remains in the race and fights for everything,"
Charles Hoskinson said.
His remarks come at a time when confidence in ADA has weakened, with many traders questioning whether the asset can regain former momentum.
Hoskinson pointed to forthcoming protocol upgrades as a key driver that could shift sentiment and restore long-term growth prospects.
He also highlighted new strategic partnerships currently being finalised, signalling that development activity continues behind the scenes.
Central to his recovery narrative is the planned launch of the Midnight Network, a sidechain designed to enhance data privacy within the Cardano ecosystem.
According to Hoskinson, these technical and strategic milestones represent the foundation for a sustained rebound rather than a short-lived rally.
However, some market analysts remain unconvinced by the optimistic outlook presented by Cardano’s leadership.
The pseudonymous analyst Gnarleyquinn described the current phase as “post-midnight,” referencing both the proposed sidechain and the repeated failure of ADA to break key resistance levels.
Chart analysis shows that each rebound attempt since 2021 has stalled at progressively lower Fibonacci resistance points.
While price action appears fragile, blockchain data suggests that large holders have been quietly increasing their exposure.
Figures from Santiment dated 24 February indicate that wallets holding between 100,000 and 100 million ADA accumulated an additional 819 million tokens over the past six months.
At present market prices, that accumulation equates to roughly $214 million in added holdings.
These large addresses now control around 70% of ADA’s circulating supply, tightening available liquidity on exchanges.
Such accumulation patterns often occur during downturns, as major holders position themselves ahead of potential recovery cycles.