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Cardano Ranks Highest in Crypto Developer Activity -ADA Price to Revisit $0.70

By:
Ibrahim Ajibade
Updated: Jan 13, 2024, 12:40 UTC

Cardano has claimed top spot in crypto developer activity as Layer-1 networks battle to increase efficiency and deepen user adoption. Will ADA price react?

Cardano (ADA) Price

In this article:

Key Insights:  

  • Cardano (ADA) price consolidated above the $0.56 area at close on Friday, Jan 12, up 21% since dropping to a 30-day low of $0.46 on Monday.
  • Rival Layer-1 chains like Solana, Avalanche, and fast-rising L2 Networks have increased competition for DeFi traction. 
  • Cardano has claimed top spot in crypto developer activity as the networks battle to increase efficiency and deepen user adoption. 

Cardano (ADA) price traded above $0.55 territory for the better part of Friday, Jan 12, as the bulls look to consolidate on weekly gains in excess of 20%. On-chain analysis reveals that Cardano has claimed the top spot in crypto developer activity. 

Will this rise in building activity help Cardano gain DeFi market share and propel ADA price to above $0.70? 

Cardano Ranks #1 In Crypto Developer Activity 

The Cardano blockchain has attracted significant uptick DeFi total value locked in recent weeks, which contributed immensely to its double-digit price gains this week. On-chain data trends suggest that ADA price is likely to maintain the upward momentum longer. 

Santiment’s Developer Activity scoreboard ranks blockchain networks according to level of activity recorded in the project’s public repository i.e. github. According to the latest readings as of Jan 12, Cardano currently ranks highest with a score of 410.5.  

Cardano Ranks Highest in Crypto Developer Activity | Source: Santiment
Cardano Ranks Highest in Crypto Developer Activity | Source: Santiment

An increase in developer activity means that the blockchain network is dedicating resources to protocol improvement and building new products. This helps the network gain market share, deepen global adoption and increase network usages. 

If sustained, these critical factors could propel ADA price toward the $0.70 mark in the coming days. 

Cardano (ADA) Price Forecast: $0.70 Target on the Horizon

From an on-chain standpoint ADA price looks set for another leg-up toward the $0.70 target. But for the bulls to validate this bullish Cardano price prediction, they must surmount the initial sell-wall at $0.60. 

IntoTheBlock’s Global In/Out of the Money Data shows that 288,630 addresses had acquired 4.1 billion ADA at the minimum price of $0.58. A profit taking wave from these holders could delay a breakout. 

But if the rising developer activity translates into TVL growth and network adoption as predicted, it could propel Cardano price to $0.70. 

Cardano (ADA) Price Forecast, jan 2024 | Source: IntoTheBlock
Cardano (ADA) Price Forecast, jan 2024 | Source: IntoTheBlock

In the case of a bearish reversal, the chart above shows that ADA can find strong support at the $0.54 area. But failure to hold that support level could catalyze larger losses. Hence, strategic investors can hang their stop-loss orders at the $0.50 area.

About the Author

Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.

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