Cardano ($ADA), the fourth-largest cryptocurrency by market cap seems to have lost market momentum post its Alonzo upgrade in September. The smart contract integration was seen as a key catalyst to its price as $ADA rose to a new all-time high of $3.10 in the run-up to the upgrade. Even though the upgrade made Cardano a Defi and NFT hub, its price hasn’t made much progress since then.
$ADA is currently trading at $2.13 with a 1% loss over the last 24-hours, the altcoin price has fluctuated in the range of $2.10-$2.70 since September. At present Bitcoin is leading the market rally with eyes set of new ATH, while altcoins seem to be in a consolidation phase. Historically, the real altcoin bull run begins when the $BTC market tops as seen in April-May when the majority of the altcoins hit new ATH.
The market sentiment towards altcoins looks stable at present, but recent data from Santiment indicate an unusual rise in interest of traders for $ADA, something that was seen during the Alonzo hardfork.
Can Cardano Make a Turn-Around?
Cardano’s social media mentions went through the roof during the Alonzo upgrade, but the hype died down with the successful completion of the upgrade. Many critics believe the September high was the top for the altcoin, however, new data shows traders on Binance is longing $ADA more than other altcoins showing a bullish sentiment in the making.
The sharp rise in long position is often followed by a bullish price rally for the altcoin and if the trader’s interest continues to mount, it could build a bullish momentum strong enough to help it record new ATHs.
The altcoin had quite a phenomenal year until now having broken into top-3 crypto rankings and currently sitting at third. $ADA with its new decentralized ecosystem is expected to become the go-to option for Defi and NFTs due to the scalability and security that Cardano offers.