NAIROBI (CoinChapter.com)—In Cardano news today, Charles Hoskinson, CEO of Input Output Global (IOG), announced that his team is actively working on the Leios upgrade, which aims to make Cardano (ADA) faster than Solana while preserving its decentralized structure. This development comes as Cardano’s ecosystem continues to expand, now with over 1.33 million delegated wallets. Additionally, ADA outperformed Bitcoin (BTC) in Aug., signaling renewed market momentum.
Cardano News Today: Growing Ecosystem Shows Strength
According to the IOHK Weekly development report, 1,373 projects are actively building on the Cardano network. In addition, Cardano now supports 10.36 million native tokens, managed by 165,546 token policies. The blockchain also has 1.33 million delegated wallets. With transaction volume increasing to 96.38 million, Cardano’s network activity remains steady.
Cardano Weekly Development Report Highlights: September 13, 2024. Source: IOHK
The Mithril network has decentralized its signature orchestration, improving transaction processing. Additionally, 84,783 Plutus scripts have been deployed, signaling the growing use of smart contracts and decentralized applications (dApps) across the platform.
Cardano Outperforms Bitcoin Despite Market Volatility
In August, Cardano (ADA) outperformed Bitcoin (BTC) with a nearly 2% increase compared to Bitcoin’s 1% decrease. Meanwhile, The CoinGecko comparison chart clearly illustrates ADA’s stronger performance relative to many top cryptocurrencies, including Bitcoin.
ADA Outperforms Bitcoin in One-Month Price Performance. Source: CoinGecko
On-chain data reveals a notable increase in ADA’s long-term holders, with a 0.68% rise over the last 30 days, showcasing their strong belief in the asset’s potential. Simultaneously, the short-term trading segment has seen a 3.8% growth, indicating renewed interest and active trading in ADA.
Cardano (ADA) Open Interest chart. Source: Coinglass
The stability in Cardano’s futures market further underscores this confidence. Open interest has held steady at $190.98 million at the $0.35 price level, as reported by Coinglass since June 2023.
Cardano bullish market sentiment. Source: Markert Prophit
Data from Market Prophit shows bullish sentiment for Cardano (ADA). Moreover, the general public is cautiously optimistic, registering a sentiment score of 0.13, while seasoned investors show stronger confidence with a score of 0.74.
Is Cardano Headed for a Major Rebound or a 33% Crash? Analysts Divided
Pseudo analyst, InvestingHaven has a bullish view on Cardano (ADA), predicting it could trade between $0.266 and $1.104 by 2025, with a potential high of $1.95 if it can break above the crucial $0.443 Fibonacci level.
Cardano (ADA) 1- week chart. Source: InvestingHaven
Meanwhile, a debate is unfolding within the Cardano community regarding ADA’s market share, which has held steady at 0.6% since July. Rick McCracken, a staking pool operator, sees this as a possible bottom for ADA, but others argue that a retest of the 0.77% market share is needed to confirm a recovery.
Analyst predict ADA potential 33% drop. Source: TradingView
At the same time, FinancialFreedomGoals101 takes a more bearish stance. He points out that ADA has struggled to break above the key Exponential Moving Average (EMA) 200 line, signaling a bearish trend. In addition, the analyst predicts a potential 33% drop, with price targets at $0.2506 and $0.2197 if ADA continues to underperform.
With the community divided and technical signals mixed, the next move for ADA remains uncertain. Above all, whether ADA can stage a recovery or will see further declines is the question investors are now watching closely.
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