Cardano (ADA): Evaluating the ‘Hydra’ Influence in Token’s Price Surge

Cardano (ADA) has consistently made massive strides in development activity following earlier acquisitions of delayed software upgrades. Cardano’s layer2 solution, Hydra, saw a new update after the successful Vasil hardfork launch.

Hydra Behind

Hydra team introduced an update to fix bugs on 27 Oct, upgrading its UI. As a result, Santiment’s data indicated a tremendous increase in ADA development activity within the previous week. That suggested that market players can anticipate more upgrades and updates.

Moreover, the Cardano blockchain noted an upsurge in 24hr active addresses. The metric increased steadily within the past week, hovering at 67,000 during this publication.

Nevertheless, its velocity plummeted within the past week, suggesting that the rate at which traders/investors move between addresses had dropped. Moreover, Cardano’s volume took a blow within the last few days. The volume plummeted to 604 million at this publication, a massive slump from 1.5 billion.

ADA’s weighted sentiment dwindled within that timeframe. Meanwhile, the crypto community maintained a negative bias toward Cardano. Nevertheless, Cardano presented lucrative results in the NFT sector, regardless of the pessimistic bias.

Data from an NFT site Stocktwits NFT shows Cardano outshined Polygon in trading volume within the past 24 hours. A 27 Oct tweet by Stocktwits REVEALED THAT Cardano non-fungible tokens recorded $890K volume.

Meanwhile, Cardano’s price exhibited a revival mode. While publishing this post, the alternative token changed hands at $0.406, following a 17.57% increase within the previous seven days.

ADA Recovered from the 26 Oct Steep Fall

ETH’s rival Cardano saw a sharp drop on 26 Oct. That came as the overall crypto market endured a massive slump. Meanwhile, Cardano gained 16% within the past day and recorded an impressive comeback beyond $0.38.

A renowned cryptocurrency analyst, Bob Mason, identified the $0.41 as a crucial resistance for ADA price. He trusts a break past $0.41 would mean a bullish continuation. Meanwhile, ADA would require the overall market to extend its upside toward the target of $0.431.

Mason believes stretched rally would push ADA price toward the second massive resistance zone at $0.431 before hitting the hurdle at $0.464.