What to know:
- Cardano’s daily active addresses climbed to 29,025, while social dominance reached 0.33%.
- Everstake says Cardano continues strengthening its network despite weak market conditions.
- Analysts see upside toward $0.190 and $0.230 if ADA holds above $0.160.
Cardano is showing stronger network activity even as its market price remains under pressure, leading many market participants to watch whether improving fundamentals can eventually support a broader recovery.
Recent data shared by Everstake points to higher blockchain usage and rising community engagement, suggesting that activity across the ecosystem continues to expand despite challenging market conditions.
According to Everstake, Cardano has been prioritizing improvements in their network protocol and structure rather than gaining market traction.
They regard this project as the most underrated in the field of cryptocurrency. To support this assertion, the number of daily active addresses for Cardano stood at 29,025, and its share of crypto-related social media mentions rose to 0.33%.
Source: X
Also Read: ONDO Price Near Critical Resistance: Will $0.285 Support Hold or Break?
On-Chain Metrics Point to Improving Network Participation
A combination of ADA price, number of daily active addresses, and social dominance chart suggests that the network activity is improving, but the coin price remains close to its previous lows.
There were such trends in previous market cycles where better network activity preceded price gains.
The active addresses have increased, which is indicative that there has been an increase in the number of individuals transacting through the Cardano blockchain network and applications built on the platform.
This has meant that the Cardano network is becoming increasingly busy, and hence, the ADA cryptocurrency is gaining prominence for this reason.
However, despite this trend, there have not been any consistent price increases for the coin. Historically, such trends have only resulted in brief recoveries.
Support Level Holds Key to Cardano Recovery
Market analyst Nehal believes that Cardano is a strong technical play as long as ADA remains above $0.160.
According to the four-hour chart, buyers have defended the demand zone at $0.155-$0.160, allowing the cryptocurrency to rally following weeks of declines that saw prices fall below $0.24.
The first major obstacle can be found close to $0.190, which may see increasing selling following the rebound.
Source: X
In the event that the buyers manage to break above this level, the next target in the upward direction is estimated to be close to $0.230, a range that had acted as good support but later became resistance.
Technically speaking, the price action appears to be set for a gradual recovery and not an abrupt one. New highs and new lows, along with increased buying at critical support levels, will indicate that Cardano is now in the accumulation stage.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Polkadot Eyes 6,380% Rally As DOT Tests Key Support
Be the first to comment