In the past 30 days, Cardano (ADA) has recorded a 39.43% price rise as the coin surged upwards to a high above $0.90 and then dropped to a low of $0.8123. The sharp uptrend started early in July, and a decisive breakout period began between July 10 and July 14.
Within this time frame, ADA had increased to over $0.75, but the trend continued before facing resistance near the $0.92 level.
The daily trading volume surged to $2.34 billion, a 48.01% increase, indicating heightened interest from traders. While the price gained substantially, the market capitalization dropped slightly to $28.76 billion, reflecting some level of profit-taking. The 24-hour volume-to-market cap ratio is 8.15%, indicating healthy short-term liquidity.
Source: CoinMarketCap
Currently, ADA is trading above a new support level at $0.81. If the price weakens further, the range between $0.70 and $0.75 can also serve as support. However, the short-term resistance is still between $0.90 and $0.92. If this level breaks, ADA may push toward the $1.00 psychological barrier, with Fibonacci-based targets ranging between $1.18 and $1.35.
Input Output Global (IOG), the developer behind Cardano, recently unveiled a system that enables Cardano smart contracts to run on the Bitcoin network. This pipeline combines technologies like Untyped Plutus Core (UPLC), the CEK machine, RISC-V architecture and BitVMX to compile and verify smart contracts off-chain with on-chain dispute mechanisms.
Developers will also be able to use high-level languages to write Cardano smart contracts like Python or Scala. These are converted to UPLC and executed using a RISC-V compiled CEK interpreter. Disputes over results are resolved via BitVMX, enabling secure and decentralized verification on Bitcoin without altering its base layer.
This cross-chain initiative introduces a method for deploying Cardano DeFi applications on Bitcoin. These applications include decentralized exchanges, escrow services, and stablecoins, which are performed off-chain but verifiable via Bitcoin. The innovation has the potential to increase the interoperability between Cardano and Bitcoin ecosystems, attracting a wider developer audience and traction.
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However, even with the 38.8% rebound that ADA witnessed this quarter, an influential Cardano investor criticized the Cardano Foundation and IOG. The investor threatened to vote against future governance proposals, citing frustration over unmet roadmap expectations. The threat has heightened concerns over future upgrade approvals, considering that the whale has a considerable voting influence.
The total value locked (TVL) of Cardano is currently $366 million, which is much lower than Ethereum or Solana. Critics argue that the ecosystem is struggling to keep pace with the rapid adoption of DeFi, as well as emerging trends such as AI and meme tokens. In addition, Charles Hoskinson defended IOG's roadmap, saying that the development strategy remains deliberate and grounded in long-term priorities.
Despite the governance challenges, there is potential for stability through technical recovery, high trading levels, and protocol-level development, which can help maintain support levels.