Cardano's ADA token is nearing a death cross, a bearish technical indicator, as its fundamentals weaken. The token has declined 35% from its peak this year, falling below key support levels and forming a head-and-shoulders pattern, indicating potential further losses. Cardano's ecosystem is struggling to keep pace with competitors like Solana and BSC Chain, with a total value locked (TVL) of $282 million, which is significantly lower than newer blockchain networks. Institutional interest in ADA remains low, with only Grayscale applying for an ADA ETF, in contrast to multiple applications for other cryptocurrencies.