Cardano's weekly development update has interesting insights for traders

Cardano's ADA development activity took a back seat for the majority of last week as it went sideways. However, the graph managed to register a spike on 16 March, after which it once again declined.

Timeline of Cardano

Cardano, one of the most popular blockchain networks, is seeing significant growth in its Total Value Locked (TVL) metrics. Data from DeFi Llama shows that TVL of the Cardano network has seen an increase of 20% almost every month, highlighting the increasing popularity of the network's DeFi ecosystem.

Cardano (ADA), the cryptocurrency that powers the smart-contract-enabled Cardano blockchain, was last changing hands around $0.34 per token, up around 4% on the day amid a broader rally in cryptocurrencies, but lifted somewhat by positive news about the Cardano development team delivering a new network upgrade.

ADA price Prediction: The Cardano price recovery rally struggles to surpass $0.35 resistance indicating the overhead supply pressure is high. The daily time frame showcasing higher price rejection aforementioned resistance indicates the sellers are likely to prolong the prior correction phase.

On Thursday (March 16), a popular pseudonymous $ADA whale commented on the growing importance and popularity of Cardano's DeFi ecosystem. Yesterday, the prominent Cardano ($ADA) influencer “ADA whale” (“cardano_whale” on Twitter) tweeted about the rapid growth of Cardano's TVL (363 million ADA, which is roughly $118.

This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Polkadot. Ethereum (ETH) This week, the market sentiment completely shifted, with bulls taking full control of the price action.

Amid the widespread financial crisis caused by large banks collapsing, the cryptocurrency market has shown exceptional resilience, and the Cardano (ADA) team has just launched another critical upgrade to its network, helping its cryptocurrency join the rally.

Cardano (ADA/USD) price regained momentum after its developers announced a new node upgrade in its network. ADA jumped to a high of $0.34, the highest level since March 15 of this year. This recovery coincides with the resurgence of digital coins, with Bitcoin trading at its highest point this year.

There is no doubt that ongoing news about the US banking crisis and news about AI developments have given wings to the entire crypto world, including Cardano, Decentraland, and The Graph.

The Cardano ($ADA) network has been seeing increased interest from institutional investors and whales on its network, with the volume of large transactions exceeding $100,000 recently rising significantly.

Cardano and Solana are competitors in the decentralized finance (DeFi) and non-fungible token (NFT) space as both blockchains offer smart contract capability that makes the creation of these assets possible. Both of their native cryptocurrencies namely ADA and SOL have also taken a significant beating in the market as the bear market raged on.