Cardano Network Hits 90M Transactions Amid Upcoming Upgrades

NAIROBI (Coinchapter.com) – Cardano has reached a significant milestone, recording a staggering 90 million transactions on its network. This achievement highlights Cardano’s growing adoption and underscores its commitment to building a robust and scalable blockchain platform. The surge in transactions comes as Cardano prepares for major upgrades aimed at further enhancing its capabilities.

The Cardano ecosystem has rapidly expanded, with 169 projects already launched and an impressive 1,357 projects currently under development. Underpinning this growth is a robust infrastructure supporting 9.96 million native tokens, 117,275 token strategies, and 43,933 Plutus scripts, showcasing Cardano’s versatility and scalability.

Transformative Upgrades Propel Cardano’s Growth

The upcoming upgrades mark a pivotal moment for Cardano. These enhancements will bolster efficiency and expand use cases, representing a significant leap forward.

In Q2 2024, the Chang hard fork will give ADA holders voting rights, advancing decentralization. Simultaneously, Ouroboros Leios aims to improve transaction efficiency and scalability – critical for Cardano’s growth.

Charles Hoskinson, the founder of Cardano, expressed confidence in the ecosystem’s trajectory, stating, “We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community.”

The network’s unwavering resilience is evidenced by its uninterrupted uptime of 2,300+ days, a testament to its reliability and commitment to delivering a stable blockchain environment.

ADA Price Analysis and Market Performance

As of 7th May ADA, is trading at $0.450, representing a 4.22% decrease over the past 24 hours, according to data from CoinGecko. Despite the recent dip, ADA boasts a market capitalization of $16.09 billion and a fully diluted valuation of $20.31 billion, firmly establishing Cardano among the top cryptocurrencies by market cap.

Earlier this month, the ADA/USD pair plunged sharply from above the $0.50 zone. It broke through the $0.480 and $0.450 support levels and tested the $0.4180 zone. After bottoming out near $0.4179, the pair began recovering. The price climbed above the $0.4250 and $0.440 resistance levels, along with the 23.6% Fib retracement level of the previous downward move (from the $0.5219 swing high to the $0.4179 low).

Technical analysis suggests a possible slowdown. The 4-hour MACD for ADA/USD is losing momentum in the bullish zone, and the 4-hour RSI sits below 50. Crucial support levels lie at $0.4420 and $0.4180, while resistance awaits at $0.4600 and $0.4800.

Cardano’s network activity paints a picture of robust adoption. The network processed $224 million in real volume over the last 24 hours, with a sizable market capitalization of $16.09 billion. Additionally, the decentralized exchange (DEX) volume within the past 30 days reached $122 million, and the total value locked (TVL) stands at $286 million. These figures highlight the continued growth and utilization of the Cardano ecosystem.