Despite recent turbulence in ADA’s price, the Cardano ecosystem has been experiencing a surge in development, marked by significant progress across various projects.
This week, the Cardano consensus team achieved noteworthy milestones, focusing on enhancing performance and compatibility. According to the latest weekly development report, scalability solutions like Hydra node version 0.17.0 have substantially improved, while the Mithril team’s transaction enhancements have bolstered efficiency. The report also disclosed a substantial increase in transactions, token policies, and Plutus scripts.
Moreover, the report disclosed notable strides taken towards the Chang hard fork, which is slated for Q3 this year, representing a pivotal moment for Cardano. Notably, this upgrade heralds a new era of decentralized governance and smart contract capabilities. Earlier in the week, Charles Hoskinson, the founder of Cardano, unveiled plans for the upcoming election of the Interim Constitutional Committee (ICC), a crucial step towards decentralized governance preceding the Chang hard fork.
The election process, scheduled to commence in June, will involve a stake-based vote accessible to all ADA holders. This will ensure democratic representation of the community’s preferences as Cardano enters the so-called “Age of Voltaire.”
Additionally, the report revealed that community engagement and testing on the SanchoNet testnet are underway to refine governance mechanisms and foster a robust, inclusive system.
However, amidst these strides in development, the price of ADA has continued to face downward pressure after experiencing a decline of over 45% since its peak in March. Cardano conceded its market capitalization throne this week to Dogecoin (DOGE), falling to the ninth position.
Analysts view the current price range as a significant accumulation zone, potentially indicating a forthcoming price reversal. In a YouTube video on Friday, renowned crypto analyst Dan Gambardello commented on the prevailing sentiment surrounding Cardano, referring to it as the “Peak Cardano is Dead season.” Despite this, Gambardello emphasized that such phases are not uncommon in Cardano’s history, citing past market fluctuations that preceded robust price rallies.
Notably, he underscored the resilience of Cardano’s fundamentals, particularly highlighting the upcoming Chang hard, as reasons for long-term optimism.
“Ada price exploding will be driven not by hype but by the very fact that it is one of the most secure decentralized scalable blockchains in crypto and it’s a top blockchain.” Gambardello emphasized.
In an earlier tweet, the pundit teased at the idea of ADA surging over 10X writing “Last cycle at this time, Cardano was down 90% from all-time high. Many said it was a dead ghost chain. Out of nowhere it pumped 3,000% from $0.10 to $3.00. Right now, at the same part of this cycle it’s down 85%. This time more secure, decentralized, and scalable. Patience.”
Similarly, analyst “Astronomer” expressed optimism, noting the current support levels on ADA’s chart and projecting a potential surge of up to 280% in the next leg up, with a minimal target of around $1.70.
ADA was trading at $0.4481 at press time, reflecting a 0.22% drop over the past 24 hours.
