1. Market movements are driven singularly, with extremely high dependence on policies.
In 2025, ADA touched 1 USD twice, primarily driven by Trump's narrative on cryptocurrency policies, with no internal growth momentum to support it. In March, Trump announced that ADA would be included in the U.S. cryptocurrency reserves, causing the price to surge nearly 72% in one day. However, after the favorable policy was digested, most of the gains were quickly given back, highlighting the fragility of 'policy up, policy down' and a clear attitude from capital to vote with their feet. In contrast, even with significant short-term volatility, SOL has seen institutions like Fidelity launch ETFs and maintain net capital inflows, showing far better resilience under fundamental support compared to ADA.
2. Chain performance shortcomings are evident, and ecological development is lagging.
Although ADA emphasizes a layered architecture design, its actual on-chain efficiency and throughput performance are inferior to competitors like SOL, making it difficult to support large-scale applications. The ecological activity remains persistently sluggish, diverging from the original intent of 'high scalability and interoperability' design. In contrast, SOL attracts numerous projects due to its technical advantages, with U.S. listed companies increasing their holdings, and institutional actions like ETF layouts occurring continuously, resulting in a significant gap in fundamental solidity, which is also the core reason for the differentiated resilience in their coin prices.
3. The team's focus has shifted, making it difficult for idealism to materialize.
IOG has shifted its core focus to the Night project, directly leading to insufficient investment in the ADA ecosystem resources. The originally grand ideal blueprint of 'connecting traditional finance with blockchain' lacks substantial advancement and has devolved into mere slogans. The cryptocurrency market has shifted from being liquidity-driven to being fundamentally driven. Without technological iteration and ecological expansion, ADA, having lost team focus, finds it even more challenging to break through its difficulties, falling into a stagnant situation that aligns with market rules.