Cardano’s Leios Upgrade Sparks Price Analysis – Will ADA Finally Surpass Solana?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The price of Cardano has dropped by 1% today, with ADA falling to $0.3304 as the cryptocurrency market as a whole barely moves in the past 24 hours.
ADA is down by 1.5% in a week but up by 2% in a fortnight, with the altcoin also sitting on a 32% increase in a year.
Such percentages may be modest in relation to other coins, yet Cardano is arguably one of the sleeping giants of the market, with its developers steadily working on a number of upgrades that will improve its fundamentals.
One of these is the much-anticipated Leios upgrade, which according to Cardano founder Charles Hoskinson this week will make the platform “faster than Solana without losing decentralization.”
ADA’s price chart is in line with that of most other major alts today, with the coin’s indicators weak but in a position where we could see a rebound soon.
Its RSI (purple) has fallen below 40 today, having been weak since late Sunday.
Meanwhile, its 30-period moving average (orange) has stopped falling further below the 200-period average (blue), implying that a positive turnaround may be on the cards very soon.
However, traders should remember that ADA remains a comparatively small alt in terms of trading volume, with its 24-hour volume today standing at only $285 million today.
Despite this modest volume, Cardano remains one to watch for the future, as highlighted by a recent tweet from founder Charles Hopkinson.
The rust node gives us no new differentiating features for users. Leios makes us faster than Solana without losing decentralization…
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