empty
22.09.2021 03:53 PM
Altcoins show no sign of giving up: Cardano launches first smart contracts and Solana reveals big system crash details

The cryptocurrency market continues to plummet, hoping to hit bottom and rebound with further recovery. Over the past 24 hours, the market lost 4% in capitalization and fell to $1.9 billion. The top 10 cryptocurrencies show a declining trend. Despite this, the main altcoin market stars Cardano (ADA) and Solana (SOL) show a moderate uptrend. However, given the overall market situation, there is still a long road to go for a full recovery of the prices.

The Cardano project is trying to revamp its reputation after the Alonzo hard fork failed to launch. As a result, 99% of smart contracts were in timelock status and could not be used. According to Adapools, the first 200 smart contracts on the ADA mainnet are to be activated shortly. Unofficially, the ADA has more than 2,300 smart contracts ready to launch. The Cardano CEO pointed out that the recent update became a huge step for the altcoin and the DeFi sector so the developers decided not to rush. In the long run, ADA could compete with ETH in using the ecosystem to develop decentralized finance projects. Notably, some large projects have already been launched in Cardano's ecosystem, for example, Liqwid, a protocol for interest rate curves, and SingularityNET, a platform that allows the creation, sharing, and monetization of AI services.

Despite the encouraging news about the Alonzo hard fork first successes, the ADA price is still located at the local low level – $2,09. Over the past 24 hours, the price has lost 5% and daily trading volumes dropped to $4,7 billion. Meanwhile, the on-chain activity of the coin has been rising as well as the gap between a number of unique wallet addresses and the price, which is an extremely optimistic signal for ADA. On the daily chart the main technical indicators are gradually reversing to recovery: MACD is out of the red zone, but it is moving down, which indicates the weakness of the bulls and the strength of the bearish momentum. Stochastic and RSI are moving up to 40, which is a good sign of increasing long positions.

This image is no longer relevant

Compared to Cardano, Solana has a much worse situation. The developers admitted that the network shutdown was caused by a DDoS attack. A massive increase in transaction load, which "flooded" the transaction processing queue, triggered a system breakdown. The developers will release a more detailed report on the recent attack. They have completed the hard fork of the last block and restarted all protocols, which means the problem is fixed. Nevertheless, the price of the coin continues to fall despite the normal reaction to such a failure. Over the past 24 hours, SOL has fallen by 9% and as of 16:00, it is trading at $129. The 4-hour chart shows a bearish triangle, a breakout of which may give the price more space to grow even above $140. However, the technical indicators point to the beginning of a recovery and consolidation period. Given the weak trading volumes and a strong drop in on-chain activity, SOL is unlikely to fully benefit from the shy bullish momentum. At the same time, SOL has become the most profitable cryptocurrency over the past month, and therefore the process of profit-taking puts additional pressure on the price.

This image is no longer relevant

ADA and SOL have a promising future and are gradually recovering from a difficult period. The development of ecosystems and related areas like DeFi will be important as it may impact the price of the coins and allow them to record new highs. Considering all the above, it may be an ideal moment for entry into the ADA and SOL market.

Artem Petrenko,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

US crypto regulation bill moves ahead rapidly

US lawmakers are moving swiftly on legislation aimed at regulating digital assets. Votes on a stablecoin bill and a revised version of the broader cryptocurrency market structure bill are expected

Jakub Novak 10:52 2025-03-27 UTC+2

BTC/USD Analysis. March 27th. Bitcoin lacks growth potential

The wave structure on the 4-hour chart of BTC/USD is quite clear. After completing a bullish trend composed of five full waves, a corrective downward phase has begun, currently taking

Chin Zhao 08:31 2025-03-27 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 27

Bitcoin and Ethereum are facing challenges in maintaining their upward momentum. However, this appears to be more of a reaction to Donald Trump's latest political statements—which have

Miroslaw Bawulski 08:06 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Filecoin Cryptocurrency, Thursday March 27, 2025.

By successfully breaking below the lower line of the Rising Wedge channel of the Filecoin cryptocurrency on its 4-hour chart and its price movement is now stuck

Arief Makmur 06:55 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Ethereum Cryptocurrency, Thursday March 27, 2025.

If in the next few days there is no significant strengthening, especially if it breaks through and closes above the level of 2549.05 on the daily chart of the Ethereum

Arief Makmur 06:36 2025-03-27 UTC+2

Bitcoin hovering before spike above $90,000

While you're mulling over whether to buy Bitcoin or not, the world's largest asset management leader, BlackRock, is actively increasing its ETH holdings for its tokenized fund, BUIDL. This move

Jakub Novak 09:39 2025-03-26 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 26

Bitcoin and Ethereum continue to show active growth but face challenges in overcoming major resistance levels. Yesterday, Bitcoin pulled back after reaching $88,400 and is currently trading around $87,600. Ethereum

Miroslaw Bawulski 08:22 2025-03-26 UTC+2

Why Bitcoin's fall not over yet

Despite the recent growth of the cryptocurrency market, larger upward prospects and a return of Bitcoin to the $100,000 mark remain unrealistic for now. This is evidenced by data from

Jakub Novak 10:00 2025-03-25 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 25

Bitcoin and Ethereum have reached significant levels but failed to hold them. Bitcoin climbed to $88,600 before pulling back and now trades around $86,600. Ethereum also corrected after another failed

Miroslaw Bawulski 08:26 2025-03-25 UTC+2

Bitcoin and Ethereum show signs of revival

Bitcoin and Ethereum are back in recovery mode after traders took a pause over the weekend. While the latest movement hints at a return of bullish sentiment, it is still

Jakub Novak 12:27 2025-03-24 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.