Cardano regains its spot from Solana, but it’s not all good news

• Cardano developers recently released its latest Daedalus 5.3.0 update.
• ADA’s price declined by 2% in the last 24 hours, while SOL’s valued sank by over 5%.

Cardano [ADA] released its new mainnet upgrade on 17 July 2023, adding multiple new features for the blockchain. Research firm Input Output Global recently posted a tweet highlighting all the changes that the new network upgrade brought along with it. At the same time, ADA bulls also stepped up their game as the token was quick to reclaim its 7th spot on the list of top cryptos by flipping

Read Cardano’s [ADA] Price Prediction 2023-24

Cardano launches new network update

Cardano developers have recently pushed its latest Daedalus 5.3.0 update, which brings multiple new features and changes to the blockchain.

As per Input Output Global’s tweet, the Daedalus 5.3.0 Mainnet release supports the new ProjectCatalyst registration process, improves the stability of the exchange rate conversion feature, and more. The update also improves the stability of the exchange rate conversion feature. It also makes the syncing progress percentage formatting more consistent.

Existing users will get a prompt to update via the Daedalus newsfeed. This update brings in numerous dependency updates – cardano-wallet 2023-04-14, Electron 24.2, Node.js 18.14.0, trezor-connect 9.0.8, and Cardano Ledger JS app 6.0.0. The new update can help attract new users and push the daily address chart, which has plateaued, as per Artemis’ data.

Source: Artemis

Cardano is going ahead of Solana

A few days ago, Solana gained upward momentum, which allowed the token to flip ADA to become the 7th largest crypto. However, SOL’s good days did not last long, as ADA was quick to reclaim its spot.

However, it was interesting to note that the latest flipping was more of a result of SOL’s downtrend than ADA’s performance. According to CoinMarketCap, SOL’s price declined by more than 5% in the last 24 hours, while ADA’s plummeted by 2%. At press time, ADA was trading at $0.3092 with a market capitalization of over $10.8 billion. 

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Though Cardano’s price action looked better than SOL’s, its on-chain metrics remain bearish. For instance, ADA’s volume plummeted sharply, reflecting a lower willingness of investors to trade the token.

Positive sentiment around the token also declined sharply last week. Additionally, after an increase, ADA’s 1-week price volatility registered a downtick, decreasing the chances of a sudden uptrend in price over the days to follow. 

Source: Santiment