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Cardano traders can expect this firework in coming week

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Source: Unsplash

Cardano has had a difficult journey in 2022. Despite showcasing strong development fundamentals, ADA’s price failed to reciprocate the same. This has been one of the reasons why ADA didn’t see a massive demand from investors in the recent rally.

However, this scenario might change soon as traders could expect some fireworks as the network continues its campaign of growth.

Lighting up the sky 

At press time, Cardano was up by more than 13% within a week and 25% in ten days as it surpassed the $0.5 mark on CoinMarketCap.

Meanwhile, long-term investors and bullish traders seem to have returned to this emerging network. Look at the average funding rates story narrated below.

Source: Santiment

Here, funding rates represent payments to traders who are long (or short) on ADA. Positive rates indicate strength among buyers wishing to go long (bullish), while negative rates indicate greater strength among short position traders (bearish).

As it stands, ADA showed positive funding rates as shorts got liquidated.

In addition to this, volume witnessed a sharp uptick on Santiment. Indeed, this was a sign that investors/traders have strengthened their faith.

Source: Santiment

Such highs, regardless of investors’ strength, lead to or rather paint an overall bullish picture.

Furthermore, the latest weekly report from Cardano’s developer Input Output Global (IOG) shed further light on this uptick.

The number of projects building on Cardano increased to 1,040 by 22 July, a new all-time high. It was up from 943 just two months ago.

Moreover, the number of Non-fungible Token projects running on the Cardano blockchain surged to over 6,300, while the number of native tokens issued on the Cardano blockchain was up to 5.5 million.

Moreover, the Cardano community continued its African campaign despite the bear market. Adaverse, Cardano’s ecosystem accelerator, participated in the seed funding round for Afriguild, which is an African blockchain gaming guild and decentralized autonomous organization (DAO).

Zooming out, ADA looked strong as highlighted by different analysts. But, there’s still a resistance wall.