• Cardano surpasses Ethereum in annual development activity, securing the top spot for core commits.
• ADA is trading at $0.8407, with a strong market presence despite a recent 6.48% decline.
• Key levels to watch: $0.51 support, $1.00 breakout, with targets at $1.47, $1.79, and $2.47.

Cardano (ADA) is gaining momentum in the blockchain space by outpacing Ethereum in development activity, securing the top spot for core commits over the past year. While ADA’s price has recently faced pressure, analysts have highlighted key support and resistance levels that could shape its next big move.

At the time of writing, ADA is trading at $0.8407, supported by a 24-hour trading volume of $3.90 billion and a market capitalization of $30.30 billion. However, despite its strong market presence, the token recorded a 6.48% decline over the past 24 hours, underscoring the impact of crypto market volatility.

Cardano Overtakes Ethereum in Core Developer Activity

A well-known crypto analyst, Mintern, highlighted that Cardano has surpassed Ethereum’s annual development activity and secured the #1 spot for core commits across blockchain networks. This measurement places ADA in the position of the most developed blockchain network, solidifying its long-term credentials and signaling continued innovation in the network.

Cardano Eyes Breakout as Key Support Holds Strong

Another prominent crypto analyst, More Crypto Online, emphasized that as long as Cardano maintains support above $0.51, the focus remains on potential upward moves. The key breakout level to watch is near $1.00, which could unlock higher targets at $1.47, $1.79, and even $2.47. However, if the price falls below the crucial $0.51 support, the bullish momentum could face serious challenges.

Cardano’s status as a leading blockchain in innovation and adoption continues to attract investor interest. As the ecosystem expands, development activity is growing, and technical levels are clearly defined by analysts. ADA remains a project to watch closely as the market prepares for its next major move.

Also Read | Cardano Traders Watch Key Levels as $0.86 Pullback Offers Opportunity

Cardano Derivatives Slow Down Amid Rising Caution

The Cardano derivatives market suffered a pullback when volume dipped 16.54% to $4.87 billion, and open interest declined 2.80% to $1.68 billion. This signals muted activity and weaker speculative demand, with speculators exercising caution as price volatility stabilizes.

The OI-weighted funding rate slipped to -0.0043%, showing a slightly bearish bias in positioning. This puts the overall sentiment in a relatively stable state, but it still shows a minor move into short positions. This reflects a cautious bias, with investors waiting for clearer directions before placing bigger directional ADA bets.

Also Read | From $0.86 to $5? Cardano’s Chart Signals Echo Past Bullish Cycles