Many copycat tokens have already broken through the May highs, and the reason $ADA 250 days hasn't even been touched yet

1 On-chain actual usage
Daily active addresses, transaction volume, DeFi usage, and fee revenue are all clearly lagging by $SOL . Without a sufficient number of real users generating on-chain demand, there’s not enough natural buy pressure of the kind “use it to buy, and buy more the more you use.”

2 The narrative is hard to attract new capital
At present, capital is clearly chasing assets with strong short-term stories—high performance, AI, privacy, and payment implementations. ADA lacks topics and discussion momentum, which leads to low willingness for hot money to enter.

3 Freely circulating supply is relatively limited
There are fewer holders actively adding to positions in the short term to push up the price; instead, profit-taking is more likely to appear when approaching the long-term moving average.

4 The market assigns a higher value to “opportunity cost”
With limited capital, traders tend to favor coins with higher short-term odds and upside potential, such as SOL, $LINK , and XRP—which are currently seen as having more clearly defined momentum or a path forward.