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Cardano (ADA) Network Revitalizing: Development Activity on the Rise

  • Cardano emerged as a platform that stands out with its active development activities. Many talented developers actively contribute to the growth and evolution of the network.
  • It is clear that Cardano’s network experienced a significant rise until the beginning of July, but also went through a notable decline during this period.
  • It has been revealed that Cardano’s network experienced an increase in developer activities and reached significant levels until the beginning of July.

Development activities and daily active addresses on the Cardano network continue to grow without slowing down, and these data indicate an increase in network vitality.

Growth Increases in the Cardano Blockchain

Cardano (ADA)

Cardano emerged as a platform that stands out with its active development activities. Many talented developers actively contribute to the growth and evolution of the network. Santiment released the development activity ranking table and revealed that Cardano is in an impressive second position. This table meticulously tracked the development efforts of various platforms in the last 30 days, and Cardano had an impressive score above 450.

While analyzing Santiment data, it was revealed that Cardano experienced an increase in developer activities and reached significant levels until the beginning of July. However, it also witnessed a notable decline during this period. At the time of writing this article, development activity on the Cardano network was on the rise again and had surpassed 75 points.

cardano-development-activity

In the last 30 days, development activity on Cardano occasionally fluctuated. However, another important on-chain metric showed a stable trend.

As shown in the Santiment table, the number of active addresses impressively remained above 1 million since its rise in June.

cardano-active-addresses

Despite a slight decrease around July 2nd, active addresses rebounded and stood at approximately 1.03 million at the time of writing this article. The daily active metric also showed relatively calm movement without significant fluctuations during this period. At the time of writing this article, daily active addresses were around 20,000.

ADA Returns to an Upward Trend

When looking at the daily timeframe charts of Cardano, it is clear that significant buying and selling activity has not yet taken place. However, despite the lack of significant interactions, there has been a constant struggle between buyers and sellers in the past few weeks.

At the time of writing this article, buying pressure seemed to be dominant, and ADA showed a small increase of 0.08% trading at around $0.313, approaching a market value of $10.9 billion.

Furthermore, the price is currently above the short moving average, indicating a positive trend in the market. In particular, Cardano’s overall trend continued to remain bullish as indicated by the Relative Strength Index (RSI) line.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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