Cardano Hits 110 Million Transactions: A Milestone Amidst Market Struggles

Network Growth and Community Engagement

Hold onto your hats, folks! Cardano's just smashed through 110 million transactions, lighting up the blockchain scene with some serious growth vibes. We're talking a whopping 110.09 million transactions, as per the latest from Cardanoscan. The Cardano crew is showing no signs of slowing down, with nearly 22 billion ADA staked across 2,992 buzzing stake pools. That's right, the community's all in, keeping the network tight and secure.

Market Performance: A Rocky Ride

Despite the network's hustle, ADA's market journey's been a bit of a rollercoaster. It's nudged up a mere 0.9% in the last day, hanging at $0.6811. But, hold up—over the past week, it's taken a 11% dive. Yikes!

The trading scene? It's been lively, clocking in $541 million in volume over 24 hours, up by 8.5%. But don't get too excited; it's more like a storm brewing than a bull run.

Derivatives Market: Traders Betting Big

In the wild world of derivatives, things are heating up. Open interest's up 2% at $818 million, and trading volume's surged over 13% to hit $1.14 billion. It looks like traders are strapping in for some wild ADA rides, expecting twists and turns ahead.

Technical Analysis: Bearish Signals

From a tech standpoint, it's looking gloomy. Most indicators are pointing south, with ADA chilling below the 10, 20, 50, and 200-day moving averages. That's a big red flag screaming "bearish trend alert!"

The negative moving average convergence divergence isn't helping, and with a relative strength index at 38, we're not in oversold territory yet, but watch out. If ADA can't hold the $0.67 support, we might see a dip to $0.65. But hey, a bounce above $0.72 could flip the script for a quick comeback.

Development and Partnerships: The Future Looks Bright

On the dev front, Cardano's not sleeping. The Cardano Foundation dropped its 2025 Ecosystem Guide in late April, spotlighting real-world uses in sectors like real estate and supply chain.

And guess what? On April 20, Input Output Global teamed up with BitcoinOS to roll out decentralized Bitcoin rollups to Cardano via zero-knowledge proofs. Keep your eyes peeled; it's coming later this year.

Over in May, Brave threw ADA into its browser wallet's beta version. And just when you thought it couldn't get any better, Wanchain linked up Cardano for cross-chain stablecoin transfers on June 1. We're talking USDC and USDT now, with Cardano-native stablecoins like USDA and USDM set to launch in 2025. The future's looking stacked!