Will the Cardano (ADA) price explode?
An upgrade to the Cardano (ADA) network is said to improve performance, especially for stake pool operators (SPO). Investors are hoping for a price explosion. We look at the ADA course and see if it can really continue to rise.
Cardano (ADA) performs node upgrade
The June 19, 2023 upgrade provides significant improvements in performance at epoch boundaries and resolves previous concerns about P2P/DNS. This upgrade could help improve Cardano ‘s scalability and efficiency . That in turn could result in a better user experience. The upgrade is coming to the fore from investors along with the remarkable growth of TVL (Total Value Locked) Cardano (ADA).
Growth in DeFi Locked Volume (TVL) at Cardano
Interest in the Cardano ecosystem is growing, which is reflected in a significant increase in the total value (TVL) connected to the network. As data from Defillama shows, Cardano’s DeFi locked volume (TVL) has almost tripled. The TVL currently amounts to around 147 million US dollars. Previously, it was only around $50 million.
Notably, this surge comes despite the US SEC’s potential classification of Cardano as a security in its June 5 lawsuit against Binance. Several exchanges have removed ADA from their platform over the past few days due to regulatory uncertainties.
Technical Analysis of Cardano Course (ADA)
Cardano (ADA) current price at around $0.295594, up slightly by 0.79 percent over the past 24 hours. With a market capitalization of around 10.3 billion US dollars, ADA is the seventh most valuable cryptocurrency.
From the technical analysis, ADA found a support level around $0.2537. This is the lowest level in the past 24 hours. This could be a sign that the bulls are maintaining control of the market.
On the upside, resistance lies around $0.325 – the highest level in the past 14 days. If ADA breaks this resistance, it could be a sign of a continuation of the uptrend.
How will the Cardano course develop in the future?
Recent developments at Cardano are promising. A node upgrade has recently taken place. This could improve network performance and scalability. At the same time, the growth of the TVL shows an increasing interest in DeFi projects on Cardano.
Despite regulatory uncertainties and delisting from some platforms, Cardano has seen solid growth. This indicates the strength and resilience of the Cardano ecosystem. Cardano shows that it is able to overcome challenges. It continues to drive innovation in the cryptocurrency industry.
