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Assessing ADA’s prospects as Cardano deploys Aiken’s alpha phase

2min Read

ADA’s on-chain data reveals that investors have been losing interest in the last 4 weeks. A perfect example of this observation is the decline in the weighted sentiment which recently hit its monthly low on 22 April.

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  • Cardano reveals its plans with Aiken, its open-source smart contract language and toolchain
  • ADA struggles to sustain bullish momentum, a possible downside to support.

Everyone has been waiting to see if Cardano will finally live up to its potential. There was a lot of excitement behind the launch of its smart contract capabilities in 2o21. Unfortunately, that hype was not backed by robust growth as previously expected.

Is your portfolio green? Check out the Cardano Profit Calculator

Thus, Cardano is taking another shot at perfecting its smart contract game, only this time it is less hyped. Also, it might give Cardano the much-needed leg-up in attracting more network growth and development.

The network aims to achieve this through a Cardano smart contract language and toolchain called Aiken.

Cardano just launched the Aiken alpha phase which it hopes will speed up the rate of development on the network. Speaking of developments, Cardano’s development activity slowed down in the first half of April before bouncing back in the second half.

Cardano development activity

Source: Santiment

To put Cardano’s latest development activity into perspective, the latest Github data revealed that it came in third in the list of top 10 GitHub daily development activity.

ADA bulls struggle to bounce back

A look at some of ADA’s on-chain data revealed that investors have been losing interest in ADA for the last four weeks. A perfect example of this observation was the decline in the weighted sentiment which recently hit its monthly low on 22 April.

It was still near its current monthly low, confirming that investor interest was yet to recover.

ADA total amount of holders and weighted sentiment

Source: Santiment

However, the altcoin at least registered a slight gain in the total amount of holders from the start of April up until 18 April when this metric fell off to a new monthly low.

Cardano daily active addresses and MVRV ratio

Source: Santiment

ADA achieved a strong surge in daily active addresses in the last two days. This reflected the bullish momentum that was observed in most of the top coins during the same period. Its price action reacted positively, especially in the last 24 hours, during which an uptrend was observed.

ADA’s slight upside was short-lived as sell pressure undid its previous gains. It traded at $0.39 at the time of writing.

ADA price action

Source: TradingView

How many are 1,10,100 ADAs worth today

ADA has managed to hold on to most of its year-to-date gains, despite its bearish performance since mid-April. It has been trading in an ascending price pattern and still has room for some more downside before retesting its YTD support.


Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
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