- Cardano code forged bright with 2,544 GitHub commits, implying high developer activity.
- Total value locked on the Cardano network hit a new all-time high today at $133.39 million.
- The Ethereum-killer’s price failed to recover despite hitting key milestones, continuing its downward trend.
The Ethereum-killer Cardano network hit a key milestone when its total value locked crossed $133.39 million. Despite high development activity and a new all-time high in TVL, Cardano price struggled to recover.
Cardano price struggles despite key updates in the ecosystem
The on-chain activity on the Cardano network recently exploded. The Ethereum-killer hit a new milestone in terms of Total value locked. Cardano TVL crossed $133.39 million, a new high.
Proponents consider this a key milestone for the Cardano network. However, this failed to fuel a bullish narrative for the altcoin’s price. Another key indicator, the Github commits, considered an indicator of development activity, is relatively high in the case of Cardano.
Cardano network had 2,544 GitHub commits, implying developers are active and updating the Ethereum-killer’s code consistently.
Mid-week repo update: #Cardano code forges continue to burn bright with 2,544 GitHub commits this week & counting...
— Input Output (@InputOutputHK) March 2, 2022
To follow the latest code commits, bookmark the excellent https://t.co/Tj4Ebgc65u #Cardano $ADA pic.twitter.com/8bVqCxb6Ex
Analysts evaluated the Cardano price trend and predicted that $0.96 is a key level for the Ethereum-killer. @Phoenix_Ash3s believes that if Cardano price crosses $0.96, it will continue its uptrend, and below the key level, the altcoin trend would reverse.
Shorting $ADA at $1 would've been great succes so far.
— Phoenix (@Phoenix_Ash3s) March 1, 2022
That's a fucking wall mate. Bullish above, bearish below pic.twitter.com/yRCmY8oO7E
Based on data from IntoTheBlock, whale wallets holding between 100,000 to 1,000,000 Cardano have scooped up over 16,000,000 ADA within 24 hours. Accumulation by whales is a sign of a price rally in an altcoin.
FXStreet analysts believe that Cardano price must break a key resistance level, and the altcoin could rally to $1.30.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum Price Forecast: Whales increase buying pressure as developers set April 30 for Pectra mainnet upgrade
Ethereum (ETH) has seen immense buying from whales on Thursday following core developers fixing April 30 as a tentative date for the Pectra upgrade to go live on mainnet.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC stabilizes while ETH and XRP show weakness
Bitcoin (BTC) price stabilizes at around $87,000 on Friday, as its RSI indicates indecisiveness among traders.
Cronos, CRO, jumps as SEC drops investigation into Crypto.com
Cronos (CRO), the native token of crypto exchange Crypto.com, rallied more than 10% on Thursday after announcing that the Securities & Exchange Commission (SEC) has dropped its investigation into the company.
U.S. Government spotted moving 97 BTC and 884 ETH: Sell-off or Stockpile?
The U.S. government’s recent $10.23 million Bitcoin and Ethereum transfer has sparked speculation about potential liquidation or strategic accumulation under new policies.
Bitcoin: BTC stabilizes around $84,000 despite US SEC regularity clarity and Fed rate stability
Bitcoin price stabilizes around $84,000 at the time of writing on Friday after recovering nearly 2% so far this week. The recent announcement by the US SEC that Proof-of-Work mining rewards are not securities could boost BTC investors' confidence.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.