• Cardano saw its total value locked, approaching $200 million as the network grows in the DeFi marketplace.
  • Also, projects created on the network experienced a significant increase within the last few months after the ‘smart’ contracts launch.
  • ADA might be awaiting upside reversal as the token printed an optimistic chart setup.

Cardano remains the leading blockchain network as far as active platform development is concerned. The ecosystem ranks 3rd in contributions. Furthermore, the Cardano network witnessed colossal growth in total value locked in DeFi, approaching $200 million.

Cardano Network Experiences Massive Growth

Cardano ecosystem saw substantial growth within the previous few months, with transaction volume rising in tandem. Latest DeFi Llama data shows ADA’s TVL almost touched $200 million. The network introduced the Alonzo update in 2021 September, welcoming ‘smart’ contracts capabilities.

Cardano attracted many developers to its network, housing 492 projects on the blockchain, high than 175 in December. Meanwhile, the surged TVL might mean new decentralized finance projects arriving on the ADA network.

About 120 active contributors are working on the network’s development. Meanwhile, the crypto stays third in the actively developed ecosystem among leading blockchains.

ADA Price Awaits Massive Bounce

The MRI on the twelve-hour chart shows ADA price might have printed a local low. Also, the alternative coin created a declining wedge setup, indicating that Cardano might be ready for bullish reversals. The initial resistance area might appear near the 23.6% FIB retracement zone t $1.08, where 50 12hr MA sits.

The topside boundary will serve as ADA’s next challenge, near $1.12.Cardano overcoming this value area might translate to a 34% surge towards $1.48. Nevertheless, magnified selling strength might see ADA revisiting the vital defense lune t the governing technical pattern’s lower border at $0.91.

For now, ADA seems ready for bullish reversals. The optimistic developments emerged as the network’s total value locked neared the $200 threshold. Such narratives show the platform’s lucrative environment that attracts many develops and projects.

Furthermore, the altcoin printed a bullish chart pattern, highlighting upside actions. Nevertheless, broad market sentiment might determine ADA’s price reactions in the near term.

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