- Cardano’s weekly report underscores healthy growth figures.
- ADA bulls bought the recent dip, but can they sustain the rally?
The Cardano [ADA] blockchain just released its latest weekly update and it offers some interesting insights into how the network was fairing. It may also offer a fresh perspective for ADA holders and enthusiasts.
Read Cardano (ADA) price prediction for 2023/2024
The Cardano update highlights robust technical developments taking place in the network. This includes ongoing core improvements to the underlying technology, smart contracts, wallets and services. While all those are important, investors are more likely interested in growth figures.
According to the update, Cardano has so far launched 131 projects and 1,261 projects are currently being built on its network. In addition, it recently marked a 70 million transaction milestone. In other words, the number of projects and transaction milestone underscore positive growth.
But what does this mean for ADA’s performance in the short-term and long-term? Such developments may boost investor confidence which can potentially encourage more accumulation in the short term. However, ADA’s performance has more recently been dictated by the overall market conditions.
Can ADA bulls sustain the current trajectory?
ADA kicked off this week on a bearish leg but managed to achieve a mid-week bounce. It exchanged hands at $0.29 at the time of writing, which represents a 33% upside from its lowest price in June.
Source: TradingView
The upside in the RSI and the MFI confirms that there was ample accumulation especially in the second half of June but it was not enough for a strong bounce back. But Cardano’s continued focus on development and growth may favor ADA especially in the long-term. Speaking of development, Cardano’s development activity metric registered an upward trajectory in the last 2 weeks.
Source: Santiment
As far as visibility among investors is concerned, ADA’s social dominance metric registered healthy activity in the last 4 weeks. It ended June with its second largest spike in social dominance during Friday’s trading session.
A noteworthy volume surge accompanied the social dominance spike, reflecting the bullish recovery that has been in the last few days. A strong MVRV ratio uptick was observed in the second half of June. It confirms that there was notably more accumulation during the last 2 weeks, hence the higher profitability registered by the MVRV ratio.
Source: Santiment
How many are 1,10,100 ADAs worth today
The latest volume spike represents the second largest spike in the last 4 weeks. However, it pales in comparison to ADA’s largest recorded volume during the month.
The correlation with the MVRV ratio suggests that whales were actively involved in the recent spike. It may also explain why ADA bounced back quickly in the last few days after experiencing some sell pressure.
