The Cardano network grapples with lower on-chain activities and price fluctuations while navigating through regulatory changes and development milestones. Amid praises for sustainability efforts and decentralized exchange activity, concerns persist over slower development pace compared to peers like Solana and Binance Smart Chain. As the network progresses through scaling and governance phases, recent regulatory relief provides a mixed outlook for Cardano’s ADA price trajectory amidst market uncertainties.
Cardano Network Activity Amidst Development and Regulatory Changes
The Cardano network has faced challenges with low on-chain activities compared to its peers in the blockchain space offering smart contracts and Web3 functionalities. Cardano’s (ADA) price has fluctuated, currently holding around a critical support level of 37 cents. A further drop could potentially lead to a significant price breakdown.
Charles Hoskinson, Cardano’s co-founder, praised the development team’s efforts to ensure the network’s sustainability among the growing adoption of Web3 protocols and digital assets. Highlighting this progress, the SundaeSwap decentralized exchange (DEX) processed 9,264 orders within 24 hours, reaching a total value locked (TVL) of approximately $8.79 million, according to DefiLlama data.
Since the Alonzo Hard Fork in 2021, the Cardano network has seen increased Web3 development, although it has often been criticized for its slower development pace compared to networks like Solana (SOL) and Binance Smart Chain (BSC).
The Cardano roadmap, currently in the final stages referred to as Basho and Voltaire, focuses on scaling and governance to enhance decentralization. Recent regulatory relief has come from the US SEC dropping investigations against Ethereum (ETH), indirectly benefiting Cardano’s ecosystem.
Cardano’s ADA has experienced a 3% drop within the past 24 hours, trading around 37 cents as of June 24, 2024. Over the past two weeks, ADA has declined by over 16%. Analysts suggest that a significant rebound could occur if ADA consistently closes above key support levels, yet further decline below 35 cents could trigger more selling.
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The midterm price trajectory of ADA will largely depend on the performance of Bitcoin and Ethereum, which remain influential in the market due to higher institutional investment and market correlations.
[Note: This article provides a factual summary of developments within the Cardano network. For investment advice or further analysis, refer to specialized financial services.]
