The post Cardano’s network activity soars post-upgrade: Will prices follow? appeared on BitcoinEthereumNews.com.

ADA’s active addresses showed that one key on-chain data reacted to the upgrade. ADA has remained in a bear trend. Cardano [ADA] recently garnered attention with its latest upgrade earlier this month. Despite the upgrade, the network did not see an immediate impact on price or activity. However, ADA’s active addresses have surged over the last three days, reaching their highest levels in months. Cardano gets more active addresses An analysis of Cardano’s daily active addresses shows a recent surge to its highest level in over five months. According to data from Santiment, ADA’s daily active addresses spiked to over 52,000 on 5th September. Although this number dropped to around 39,400 the following day, it was still the highest since May. By the end of trade on 7th September, the active addresses had declined further to approximately 31,600.  Source: Santiment Despite these declines, this marks the first time in months that Cardano has seen a strong surge in daily active address activity. The sudden spike in active addresses suggests growing interest and engagement within the Cardano ecosystem, which may be a delayed reaction to the recent network upgrade. While the initial impact of the upgrade was muted, this rising network activity could indicate that the improvements are beginning to resonate with users. The increase in active addresses might pave the way for greater utility and participation on the Cardano network in the coming weeks, signaling a renewed interest in the platform. ADA getting close to a reversal? An analysis of Cardano’s daily chart shows that the asset is still in an overall downtrend, but it has seen some positive momentum in the last 24 hours. According to AMBCrypto’s analysis, ADA closed the last trading session at around $0.32, reflecting a 3.4% increase. As of this writing, it is trading at approximately…

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Filed under: News - @ September 8, 2024 11:01 pm