Main Takeaways:-
The bulls have been held back in recent weeks, with any attempts to recover being stopped by quick profit-taking. Will a matching event take place, or will ADA price manage its recovery progress a little longer?
On-chain data might provide some clarity that may offer some level of clarity above the present level of requirement.
For instance, spot demand showed inflows of less than $1 million. The small amount of spot inflows shows that demand in that area was low and did not match the strong buying activity. The derivatives market showed a similar trend.
Derivatives volumes dropped by 23.77%, with options trading activity dropping significantly by 92.94%.
This means that demand in the past few days has been slowing down, and it might lead to another round of short-term selling for quick profits. The result mentioned above is in line with the fact that the whole market mood was still showing signs of fear.
Because of this, investors were worried it might just be a quiet moment before the prices drop again.
Midnight Train Gains Momentum
Cardano has a fresh initiative known as Midnight, which has been defined as a Cardano sidechain.
Hoskinson has said that this fresh initiative will possibly provide millions of users for the Cardano network. He also mentioned that the update will improve compatibility with major blockchains. Hoskinson shared that the Midnight launch saw a positive response in the market.
The main question is whether this update will help Cardano compete better with other networks. It was similar to the excitement in the Cardano community when the blockchain introduced smart contracts.
A lot of people anticipated that Cardano would ultimately be the Ethereum and Solana major player it aimed to become. Still, the network surpassed its primary competitors, especially in terms of public attention.
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