- Cardano has continued its efforts to improve transactions through its network with continuous upgrades
- Despite some progress, its development activity continued as the ADA faced consolidation, given its current sentiment
according to Cardanos [ADA] The Weekly Development Update on November 18 saw progress in the Quick Exchange feature. For context, rapid exchange serves as a framework for its peer-to-peer (P2P) adoption.
The Cardano team, while briefing the community on their efforts, noted that the framework was critical to testing its components. In addition, attempts have been made to integrate chaining systems to facilitate transactions on the network.
Read Cardanos [ADA] predict the price 2023-2024
In addition to the weekly newspaper development report It showed that Cardano was working on its payment slip as the total number of on-chain transactions reached 54.6 million.
Is Cardano socially flawed after all?
Despite continued efforts to reach developmental milestones, the ADA social dimensions Saw little profit. According to Santiment, the social size of the icon dropped to 33 on November 18th. Although it rose to 293 on November 17, statistics showed that ADA was rarely mentioned on social platforms, which likely caused his interest to wane.
In addition, its social dominance was 0.535%, which means a decrease in the search for and discussion of the origin. So, there was no fuss around ADA, with the potential not to bottom at $0.332.
Development activity was expected to increase in light of the progress. However, this was not the case. Santiment data revealed that on-chain development activity did not improve.
As of this writing, ADA development activity is down to 67.19. This point meant that the upgrade in progress was not top notch and the milestones recorded were negligible.
What kind of merchants and …
The development does not seem to have aroused much interest among traders in the derivatives market. According to Coinglass, the ADA Funding rate Across all exchanges it has improved somewhat. However, the recent increase was still insignificant. This means that futures and options traders have set aside only a small portion of the liquidity to potentially profit from Cardano.
In turn, the interest rate affected the liquidation data. Coinglass data showed that there was about $340,000 in ADA qualifiers Until November 18th. In particular, the cause of the collapse was short selling. This may come as no surprise as the price of ADA rose by 2.28% between November 17th and 18th. However, there was no guarantee that long positions would continue to earn.
In conclusion, Santiment show up that the positive feelings associated with ADA outweigh the negative. While the positive result was 18.96, the cell was at 13.03. Since it was a close call, the potential ADA move would likely be consolidation or a slight increase or decrease from its current price.