Key Insights
- Cardano surged 20% over the past week as investors cheered upcoming network upgrades and renewed bullish momentum.
- The upcoming V11 “van Rossem” hard fork will introduce cheaper smart contracts, new cryptographic features, and lay the groundwork for future scaling.
- ADA is testing key resistance near $0.18, with analysts eyeing a move toward $0.20 and potentially $0.30 if bullish momentum continues.
ADA price just outperformed the rest of the blue-chip cryptos after surging 20% in the past week to trade at $0.1781 as of the time of writing. While many big-name tokens barely moved, the Cardano crypto price ripped higher, catching some relief after months of trending downwards.
ADA price surge follows a push forward by Cardano network builders on upgrades amid continuous accumulation by large investors. ADA climbed about 6% in the last 24 hours alone. This momentum put it ahead of most other major cryptos in the past seven days.
Still, zooming out reveals that ADA was down by roughly 69% on the year. This means there was still a lot of ground to recover, and its latest rally felt more like a strong bounce than a full reversal.
Cardano Network Readies for Another Major Upgrade amid 20% Jump in ADA Price
The ADA price bullish bounce comes as the Cardano network gears up for the V11 “van Rossem” hard fork. The preview and pre-production testnets have already completed the fork, and around 88% of blocks minted in the past week already run on V11.
Additionally, 80% of exchanges by liquidity, including Binance and Coinbase, were to support the upgrade as per the latest data.
The upgrade brings cheaper Plutus smart contracts, new built-in functions, and ZK-ready cryptography. It also lays the groundwork for the Leios scaling upgrade down the line.
Governance votes from stake pool operators and DReps passed, leaving only constitutional committee approval. Once live on the mainnet, these changes should boost efficiency and set up bigger throughput improvements.
Meanwhile, Cardano founder Charles Hoskinson addressed the recent SecondFi exploit on the network and said it could boost the Cardano network. He argued the incident will force faster improvements in wallet security across the board.
The exploit of SecondFi (Formerly Yoroi Wallet) resulted in the loss of more than 129 million ADA tokens. Security researchers suggest losses could be much higher.
Yoroi wallet was the first Cardano light wallet launched in 2018 by EMURGO, one of Cardano’s founding entities.
Nevertheless, Hoskinson believes that the aftermath of this exploit could lead holders to adopt better architectures. It may also set the pace for stronger authentication and extra protective tools.
Hoskinson framed the event as a catalyst that pushes the whole space toward. He believes it will encourage higher standards instead of signaling weakness in the Cardano blockchain itself.
ADA Price Eyes 58% Additional Gains After Jumping 20% in a Week
The Cardano crypto price action turned bullish after finding support around the $0.143 level. The asset price broke out of a recent 6-day consolidation that lasted from 24 June to 1 July.
Market data shows that volumes were building up during the consolidation phase. The 1-day chart showed that ADA’s price action still has significant upside potential despite the recent recovery.
It’s $0.193 at press time, which was still an 83% discount from its historic ATH. Nevertheless, this latest recovery was the sharpest surge ADA has seen so far this year.
Data from the Coinglass Liquidation map offered a rough idea of where price can potentially go from here. The data revealed that there were more leveraged longs ($16.81 million) risking liquidation compared to Shorts ($14.24 million).
This difference shows that market sentiment on Cardano is bullish (despite competition from bulls).
ADA’s latest price actions signaled renewed interest and supports more upside if Bitcoin and the overall crypto market holds steady. Long-term, execution on scaling and governance will decide if ADA can escape the deep drawdown.
