Cardano Sees $500M Trading Volume Amid Price Consolidation and Ecosystem Growth

Cardano (ADA), the 10th-largest cryptocurrency by market capitalization, may appear stagnant in price, but on-chain and trading activity suggests otherwise. Over the past 24 hours, ADA recorded over $500 million in trading volume, marking a 13% increase, according to CoinMarketCap. Despite minimal price movement, this volume reflects active market engagement.

At the time of writing, ADA was trading at $0.669, showing a marginal increase of 0.24% in the last hour and 0.38% over 24 hours, though it is down 0.19% for the week. ADA remains in a consolidation phase below its key moving averages, having dropped to a recent low of $0.61 on June 5. Bulls attempted a rebound but faced resistance near $0.68, slowing upward momentum. If ADA declines, support is expected near $0.60, while the next resistance lies at the 50-day SMA around $0.721.

Cardano’s development ecosystem continues to evolve. Input Output Global (IOG), the network’s core developer, recently announced major updates. Cardano Node v10.4.1 introduced UTXO-HD, enhancing consensus performance by allowing storage flexibility for unspent transaction outputs (UTXOs). Lace wallet v1.22 added Firefox support, beta Bitcoin integration, and performance upgrades, enriching the Web3 experience.

The Plutus Core team advanced in refining the smart contract language, tooling, and documentation. Meanwhile, Mithril released version 2517.1 to patch a security vulnerability and added support for IOG key signing in database snapshots, alongside several bug fixes.

Cardano also gained attention after being included in a Nasdaq crypto index, signaling growing institutional interest. With robust technical development and active community participation, ADA remains a key player in the evolving blockchain landscape despite short-term price headwinds.