ADA at $5 Price Could Become Reality In This Cycle As Cardano Leads Top L1s In This Metric
Cardano (ADA) has emerged as the leader in developer activity among Layer 1 blockchain platforms despite experiencing a notable price drop over the past week.
This development was revealed through a tweet by crypto analytics firm “IntoTheBlock’’ on Monday.
“Cardano is leading in developer activity amongst top L1s, consistently delivering the highest number of weekly commits,” wrote the firm.
Notably, according to data from the firm, Cardano recorded a total of 978,790 commits on GitHub between March 11 and 17, outpacing Ethereum, which received 407,701 commits.
Cardano’s impressive record of consistently delivering the highest number of weekly commits indicates a growing community of developers who are increasingly choosing to work on the network due to the availability of a wide range of tools and opportunities for developers.
Interestingly, this is not the first time Cardano has outpaced its competitors. In January, the eighth largest crypto network by market capitalization ranked high in terms of developer activity, outpacing projects like Kusama Network (KSM) and Polkadot (DOT).
Notably, projects such as Aiken, Mithril, and Hydra have been at the forefront of attracting developers due to their direct correlation with the network’s development path towards full decentralization, as highlighted on Tuesday by “Proof of Cardano”
Charles Hoskinson, the founder of Cardano, highlighted this trend. He recently addressed rumors surrounding the Hydra project, assuring the community that the team behind Hydra “has never been more productive and motivated,” adding, “There is great community engagement and new papers on the way for enhancements to the protocol.”
Despite Cardano’s impressive developer activity, ADA has experienced a significant decline in its price, plunging by over 20% in the past week and losing its market cap strength to Avalanche. And while this downturn in price may raise concerns among investors, some analysts remain optimistic about Cardano’s prospects.
According to popular crypto analyst Ali Martinez, the current price trend of ADA resembles the pattern observed from 2018 to 2021. The pundit recently noted that if this fractal continues, ADA will probably consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upswing, he revealed he expects a period of further consolidation, setting the stage for a potential breakout to $5.
Meanwhile, analyst Dan Gambardello said the next couple of weeks will be crucial for Cardano. In a Tuesday video, Gambardello noted that the recent pullback is normal and that he expects the price to consolidate in the coming days. However, he remains optimistic about the cryptocurrency’s long-term prospects, predicting that its bullish fundamentals will mostly lead to a breakout.
ADA was trading at $0.65 at press time, reflecting a 1.40% drop over the past 24 hours.
