Cardano Blazes Past 111 Million Transactions in Major Blockchain Milestone

Cardano has made headlines within crypto chatrooms after officially surpassing 111 million in total transactions on its blockchain network. This impressive milestone, alongside other notable ecosystem growth, underscores the network’s growing user base and strong platform fundamentals. Even more, it reinforces the Layer-1 network’s ability to offer utility-based solutions to everyday users in the decentralized space.

Network Growth Signals Strong Momentum and Bullish Sentiment

Achieving 111 million transactions signifies that Cardano is well-equipped to handle multiple transactions without dipping in performance. After all, the network has maintained a remarkable uptime spanning seven years. 

Adding to this recent milestone, the network continues to witness growing ecosystem engagements. Per recent data, the Cardano platform now supports 2,005 active projects, with delegated staking wallets up by 0.05% to 1.33 million. 

Here are other noteworthy ecosystem statistics to date:

• Cardano is seeing growing smart contract deployment with 138,996 Plutus scripts and 7,682 Aiken scripts actively running.
• The network now hosts 10.84 million native tokens and 217,415 token policies.
• Delegated representatives (DReps) have increased to 1,377, of which 976 are active, signaling community expansion regarding on-chain oversight.
• GitHub commits have surged by 27%, reflecting the active efforts to advance the ADA ecosystem.

The Cardano network also shows strong on-chain momentum amid growing bullish outlooks and increased adoption. In the past 67 days, the platform has recorded 276 billion ADA transactions, which at current market rates totals $165 billion. 

On top of that, holders have now staked over 22 billion ADA, representing about 62% of the circulating supply. This massive staking record signals the deep belief and strong confidence in the network’s future performance. Meanwhile, Brave Browser, an open-source web browser currently supporting Cardano in beta and the imminent Midnight sidechain, has crossed 91 million monthly users. 

Given its strong performance and increased utility, it’s no surprise that the Cardano community sentiment has hit a monthly high. At present, approximately 93.8% of users on CoinMarketCap are favoring the asset to be bullish.

ADA Price Eyes Breakout as Analysts Predict Bullish Continuation

At the time of writing, Cardano (ADA) is exchanging hands at $ 0.57 after trading relatively flat over the past intraday session. Recently, the asset has faced repeated rejection at the $0.60 price mark, a level closely monitored by market participants. Crypto commentator Ali Martinez explained that if ADA closes above $0.67, it could kickstart a northbound movement to between $0.83 and $0.91.

Based on the previous significant swing high and low calculations, the predicted price range aligns with the 0.5 and 0.382 Fibonacci retracement levels. These levels, which served as resistance zones early last year, could become key price targets if upside pressure mounts.

Prominent market personality Lucky Luciano is bullish on the asset, suggesting it is bound to hit “higher levels.” Assuming ADA reclaims its November 2023 peak, Lucky believes it could hit a long-term target of $1.32.

CoinCodex’s price prediction model aligns with this long-range forecast. As per data, the coin is projected to trade between $1.18 and $1.31 by December 2027. ADA’s price action is shaping up to resemble its epic 2020 rally, with market experts already drawing parallels with the current setup. And if the predicted ADA breakout above $0.80 holds, the token could initiate another leg higher.

Project Acropolis Aims to Simplify dApp Development on Cardano

Cardano is underway with a new development called Project Acropolis, which could change how developers interact with the network. With this new program, builders can create dApps directly within the Cardano node. At the moment, building apps on the Cardano network requires rigorous workarounds and technical maneuvers. 

Against this backdrop, Project Acropolis is designed to provide developers with a seamless and easy way to create apps on the network. Right now, the project is in its early days, having been launched in October 2024. Experts believe that if this product goes mainstream, Cardano will further cement its position as a top layer-1 network in the cryptosphere.