Cardano’s ADA price has fallen to its lowest value in a year after slight declines in decentralized finance activity on the blockchain network.

As per data from CryptoSlate, ADA is currently trading at $0.245, marking a 1.06% decline on the year-to-date metric. Interestingly, this price point represents the lowest value ADA has reached since the beginning of the year, effectively nullifying all the gains it had accrued throughout the year.

Why is ADA price struggling?

When the crypto market was experiencing a steady upward trajectory early in the year, ADA’s value greatly benefited from this run, peaking at around $0.45 in mid-April. However, since that peak, the cryptocurrency has been on a downward trend, with only a minor uptick noted in July.

The digital asset faced significant …