- ADA retested key support level after giving up 2023 gains but was struggling to secure bullish momentum.
- A look at what Cardano has been up to reveals a focus on development in key areas.
There was once a time when Cardano was one of the most popular blockchain networks along with its native crypto, ADA. However, it has since been overshadowed by other networks that have become more popular.
But is the future of the Cardano and ADA still as promising as once visualized?
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Cardano’s declining popularity suggested that it has been falling out of favor with the market. This was likely because it was once described as an Ethereum [ETH] killer but so far that aspiration has not panned out. Cardano’s social dominance metric highlighted this as it has been declining and was now at a six-month low.
The low social dominance aligned with the situation in ADA’s price action. The cryptocurrency has so far given up all the gains that it had achieved at the start of 2023. However, it has also found support at the same level that it bottomed out in December 2022, and August 2023. ADA exchanged hands at $0.25 at the time of writing.
Furthermore, ADA has managed to demonstrate some signs of accumulation at the current lows. However, that has not been enough to support a strong bullish comeback. Despite these observations, Cardano continues to build and this was evident in the surge in development activity over the last six months.
Can Cardano turn things around?
So, what is Cardano working toward? A recent analysis by ADA whale highlighted some of the noteworthy developments that have been taking place in the Cardano ecosystem. These include Layer 1 and Layer 2 upgrades, Dapps, governance, and NFT-related developments.
Among those developments was the launch of OptionFlow’s testnet. The latter is a decentralized options protocol being launched on the Cardano blockchain.
2/We saw the launch of the @OptionFlowTeam testnet. Besides bonds, derivatives are another area where Cardano DeFi will shine
— ADA whale (@cardano_whale) September 28, 2023
ADA whale also revealed that another DeFi platform called Genius Yield recently kicked off the early stages of its testnet. The DeFi protocol boasts of an automated yield optimizer, as well as a concentrated liquidity DEX.
A Cardano oracle feed called Orcfax is also in the works. Meanwhile, the NFT market seems to have fallen from grace. However, Cardano founders and developers are still confident that NFTs will make a strong comeback in the future.
Read Cardano’s [ADA] Price Prediction 2023-24
Based on the above findings, we can see that Cardano is developing on multiple fronts. This is part of the network’s efforts to tap into growth opportunities from multiple segments in the DeFi and blockchain space. In other words, Cardano’s best days could be ahead and the same might apply to ADA.
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