What happened to Cardano/ADA?

I keep seeing a lot of discussion about "Cardano/ADA is dead" over the past two weeks. I used to hold it check its price and movement on bydfi again. So just share my non-professional takes on why it lost momentum. Curious to hear what others think.

1. Price is doing real damage. ADA falling to multi-year lows makes it harder for people to stay patient, even if they still like the tech.
2. Adoption still feels weak. A lot of people expected more visible apps, users, stablecoin activity, or ecosystem growth by now.
3. Governance has become harder to ignore. The failed Cardano Summit funding vote and broader community arguments make the project feel less coordinated.
4. Some ecosystem signals look rough. When tools or projects shut down, it adds to the feeling that momentum is fading.

Not saying Cardano is dead at all, but “slow and steady” is becoming harder to defend. Curious how active ADA traders/holders see it.