Cardano extended its rally for four consecutive days, with its weekly gain surpassing 32%. Among the top 20 cryptocurrencies by market capitalization, ADA led the pack in weekly performance. While the majority of leading digital assets gained between 1% and 18% during this period, Zcash advanced by 20% and Bitcoin Cash rose by 23%. In contrast, Unus Sed Leo and Canton recorded declines over the week.
Increase in active wallets during market recovery
According to data from analytics firm Santiment, Cardano’s price rebounded after a month of intense uncertainty and negative sentiment that caused divisions within its community. Santiment, recognized for tracking on-chain activity and market behavior, noted that recent market movements set Cardano apart from broader trends.
The growth in the number of investors following weeks of fear could suggest renewed confidence in Cardano among market participants.
On June 25, ADA dropped to $0.138, its lowest level since December 2020. With its recovery to $0.189, the token registered a bounce of 37% from its recent bottom. During the same timeframe, the number of active Cardano wallets increased by 14,783 since June 23.
For the first time in almost a month, Cardano has tested the $0.20 level. Many investors appear to have interpreted this period of fear as a buying opportunity, fueling the latest surge. Santiment commented that strong support from individual holders remains one of ADA’s primary strengths, even during weak market conditions.
| Indicator | Level |
|---|---|
| Weekly gain | 32%+ |
| June 25 low | $0.138 |
| Current price | $0.189 |
| New active wallets | 14,783 |
$0.20 level under close watch
The recent price advance faces significant resistance at the $0.20 threshold. On Saturday, ADA was pulled back after testing this key level. Although the token gained 1.73% over the last 24 hours, it later gave back much of those intraday gains.
If Cardano decisively breaks through $0.20, the next market target is expected to be $0.27, an area near its daily 200-moving average. Should traders take profits, support is anticipated near the $0.138 zone—the recent low.
If the growth in ADA wallets continues and the price stabilizes above $0.20, the narrative could shift from last month’s sharp decline being a crash to it being a phase of capitulation.
Network upgrade preparation reaches 83%
On the technology front, the Cardano network also posted a notable milestone. According to an update from Intersect on July 3, all criteria required for the Van Rossem hard fork have now been met, effectively giving the upgrade a green light.
A hard fork involves updating the rules of a blockchain in a way that is not backward compatible. Intersect is an organization within the Cardano ecosystem that plays a vital role in governance and coordination efforts through a membership-based structure.
Glossary: A hard fork is a network update that changes blockchain rules and is not fully compatible with older versions. Intersect coordinates technical readiness and governance processes within the Cardano ecosystem.
With the network’s overall readiness now at 83%, optimism is rising on the technical front, indicating the hard fork may soon be implemented.
