Cardano drops below $0.59 as Leios upgrade fails to lift price amid macro woes, though long-term ADA holders remain bullish.
ADA, dropped significantly, slipping below $0.59 as broader economic concerns impacted the crypto market. In the last 24 hours, ADA declined by nearly 4%, while trading volume surged by over 38% during the same timeframe.
Leios Upgrade Bolsters Long-Term Holder Optimism
The increased trading volume indicates heightened market activity as investors respond to global economic uncertainties and changing risk sentiment. Following the price decline, focus has turned to Cardano’s forthcoming Leios upgrade, a major network improvement to enhance scalability and transaction efficiency.
First unveiled in late 2022, Leios overhauls Cardano’s consensus mechanism, addressing shortcomings in prior protocols like Praos and Genesis. The upgrade introduces faster chain synchronization and adaptive fee structures to improve performance during high network demand.
Despite expectations that this significant announcement would boost ADA’s price, the update’s release earlier this week has not yet had a positive effect. Input Output Global (IOG), Cardano’s development team, recently reiterated its commitment to Leios.
CEO Charles Hoskinson hinted at a 2026 mainnet launch, with the possibility of an earlier rollout compared to initial estimates. This progress has fueled confidence among long-term holders, many of whom have transferred ADA off centralized exchanges, signaling belief in the network’s long-term potential.
Cardano Faces Macroeconomic Headwinds
In the short term, ADA’s price remains under pressure from macroeconomic factors. However, Cardano’s emphasis on scalability and efficiency through Leios could set the stage for stronger performance in the years ahead.
The blend of technical advancements and evolving investor behavior indicates a potential turning point for the cryptocurrency, though near-term volatility is expected to continue amid uncertain market conditions.
As the crypto market grapples with external pressures, Cardano’s advancements with Leios will be critical in determining whether ADA can regain traction and drive wider adoption. Further updates on the upgrade’s progress could shape the network’s growth path and influence ADA’s price.
Cardano is trading at $0.5795, down 0.88% in the last 24 hours and 7.97% over the past week, remaining over 80% below its all-time high of $3.
