Cardano founder Charles Hoskinson has created some excitement with his latest tweet in what’s actually a boring market right now.
Hoskinson suggested that “amazing tech” is coming soon for the Cardano ecosystem. Hoskinson’s statement, “Cardano is waking up,” came in response to a tweet by Pi Lanningham, CTO of Sundae Labs, who shared processing capabilities of Sundae v3.
Sundae v3 has demonstrated impressive performance metrics in the past 24 hours. The platform processed approximately 9,264 orders, showcasing its robust capacity to handle a high volume of transactions.
The efficiency of the system is particularly noteworthy, with 10% of orders being placed and executed within the same block, highlighting the platform’s ability to provide near-instantaneous trades for a big portion of its users.
The speed of order execution on Sundae v3 further underscores its effectiveness. Half of all orders were completed in less than 30 seconds, while 70% were executed in under a minute. This rapid processing extends to the vast majority of trades, with 90% of orders being fulfilled in less than 221 seconds.
This announcement has led to increased speculation about Cardano’s future and its potential impact on the ADA price.
Technical Analysis Points to Potential Bullish Momentum for ADA
Several crypto analysts have weighed in on ADA’s current market position:
Analyst Ssebi suggests that ADA needs to reestablish itself above a key moving average on the ADA/BTC chart to start decoupling from Bitcoin’s price action. Ssebi notes the presence of a double bottom formation and a bullish divergence, indicating potential bullish momentum.
Crypto Tony identifies $0.40 as a crucial level for ADA. The analyst advises that reclaiming this level could provide a safe entry point for traders. However, Tony warns that staying below this threshold could lead to further downside.
Cardano DApp Analyst draws attention to a compelling comparison between ADA’s current price action and its movements four years ago. The analyst highlights a breakout and retest on ADA’s base, with a support area where the price previously bounced. This observation leads the analyst to believe that Cardano could be one of the top-performing altcoins in the current market cycle.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Charles Hoskinson’s hint at upcoming technological advancements for Cardano could have several implications for the project and ADA’s price:
- Increased Developer Interest: New technology could attract more developers to build on the Cardano platform.
- Enhanced Network Capabilities: Improved tech could boost Cardano’s processing power, scalability, and overall performance.
In comparison to the overall coins in the top 20, ADA has been showing a muted performance. According to CoinGecko data, ADA is just up by 26.3% in the last year, in comparison to BNB, which is up by 130%, and Solana, which is up by 624%.
Read more: Crypto Watchlist for the Week: Ethereum ETFs, Blast Airdrop, Optimism (OP) Token Unlock, and More
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
