Cardano Surpasses Landmark 88.6 Million Transactions, Points to Potential Price Surge


Things are looking decidedly bullish for Cardano (ADA). The cryptocurrency recently hit a landmark achievement and appears poised for a noteworthy surge in price. Cardano’s network surpassed through a remarkable milestone – processing over 88.6 million transactions since its inception. According to Cardano’s most recent weekly development report, this milestone indicates a robust network activity suggesting potential adulation for the ADA’s price.

Sceptics had long referred to the cryptocurrency as a “ghost chain.” But this latest achievement effectively debunks the notion, furnishing palpable evidence of sustained user engagement and interaction with the network. But more than just processing transactions, the report introduces an illuminating revelation in the form of 1,353 active projects currently under development on the Cardano network.

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The continuous growth and onboarding of more users signify that the network is on a journey of perpetual expansion. Moreover, Cardano’s Fund12 is following suit with its upcoming launch on April 26. This innovative and decentralized incubation platform is set to welcome an influx of talented developers into the Cardano ecosystem, hence hinting at exponential network growth in the future.

This is aligning perfectly with Cardano founder Charles Hoskison’s vision of organic growth for the network, akin to how Bitcoin evolved over the years. It resonates with the ethos ploughed by the development team, emphasizing progress and development over merely relying on buzz or hoopla.

Given the positive trajectory, there’s a prospect that ADA’s price might witness an appreciable upswing. It could be a refreshing ripple of relief for ADA holders who have been plagued with concern over the lackluster price behaviour of the crypto token, despite witnessing massive price gains in broader crypto markets.

Yet from a technical vantage point, the existing prognosis paints a bearish picture for the Cardano ecosystem. Technical analyst Alan Santana propounded the likelihood of further price declines, taking into account the continued lagging of ADA’s price. Showcasing ADA’s weekly chart, Santana pointed out a “break below the EMA10 (Exponential Moving Average)” indicating a potent bearish candle as the RSI (Relative Strength Index) tips into the red.

Santana’s analysis even predicted a plummet in ADA’s price to a floor of $0.34 to establish support. In light of these market conditions, Santana advised a bearish outlook until the chart and market dynamics shift in favor of a bullish bias.

As of the time of writing, ADA trades around $0.58, reflecting a rise in the last 24 hours as per CoinMarketCap data. However, the conditions echoing in the Cardano universe narrate an engaging story of potential promise and latent challenge, promising an eventful future for the ADA.