More than 1,000 projects building on Cardano revive the bullish sentiment for ADA price

  • Cardano developer InputOutput reveals the network has 1,003 projects building on its blockchain. 
  • The Cardano Foundation, Emurgo and InputOutput have planned an exclusive Cardano community event at Consensus 2022. 
  • Cardano price explodes, posting 9% gains overnight; analysts set a target of $0.73 for the Ethereum-killer altcoin. 

Input Output HongKong, the developers of the Cardano blockchain, announced that 1,003 projects are being developed on the network. High development activity on the Cardano blockchain has fueled a bullish sentiment among investors. 

Also read: There is still hope for Cardano price after 88% nosedive from all-time high

1,003 projects are building on Cardano

The Cardano blockchain has consistently outperformed its competitors, Ethereum and other altcoins like Solana and Avalanche in the number of Github commits per month. This is a metric used to measure the development activity on a blockchain network. 

Input Output HongKong (IOHK), the developers of the Cardano blockchain, recently highlighted the number of projects being developed on the Ethereum-killer network. With 1,003 projects on Cardano, the altcoin has emerged as a popular choice among developers and the community. 

A vast majority, 40.4%, of these projects are NFTs, followed by social and community, metaverse and gaming protocols. The complete distribution is shown below:

Projects building on Cardano

Projects building on Cardano 

Cardano network inches closer to Vasil hard fork

IOHK is in the final stretch of preparation for the upcoming hard fork combinator event, Vasil. The hard fork is expected to improve the Plutus smart contract platform. Plutus will allow developers to write applications and interact with the Cardano blockchain. 

The hard fork is scheduled to occur on June 29, and IOHK is working on resolving critical issues discovered in the final testing phase. The hard fork is drawing closer, fueling bullish sentiment among Cardano holders. 

Cardano at Consensus 2022

Consensus is a large-scale crypto festival that showcases events and projects in the cryptocurrency ecosystem. Consensus 2022 is scheduled to occur in Austin, Texas, between June 9 and 12.

IOHK confirmed Cardano’s event and a free-to-attend Consensus meetup for the Ethereum-killer’s community. The altcoin’s presence in such key events in the crypto ecosystem builds trust among Cardano holders. 

Analysts are bullish on Cardano breakout

@Phoenix_Ash3s, a leading crypto analyst and trader, recently evaluated the Cardano price chart. The analyst believes Cardano price has bullish potential, and the altcoin could hit the target of $0.73. This could be followed by a consolidation in Cardano price. 

The analyst argues that Cardano has emerged as one of the stronger cryptocurrencies in the recent price slump. 

ADA-USDT price chart

ADA-USDT price chart 

FXStreet analysts have identified an opportunity to make 27% gains on Cardano price. Analysts noted the formation of a cup and handle on the Cardano price chart and considered it a bullish pennant. Analysts have set a target of $0.80, predicting a 27% upswing in Cardano. For more details, watch this video:


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content

Recommended Content

Editors’ Picks

COTI price surges on Central Bank of Israel CBDC project participation

COTI price surges on Central Bank of Israel CBDC project participation

COTI (COTI) price retraces by 1.2% at $0.1125 at the time of writing on Wednesday after breaking above a descending wedge pattern last Friday, leading to an 8% rally over the subsequent four days. 

More Cryptocurrencies News

Bitcoin price could react to potential clash between Kamala Harris and Donald Trump at July Bitcoin Conference

Bitcoin price could react to potential clash between Kamala Harris and Donald Trump at July Bitcoin Conference

Bitcoin price struggles around $66,000 on Wednesday. US spot Bitcoin ETFs experienced minor outflows on Tuesday, coinciding with the continued movement of Mt. Gox funds for repayment, which could exert downward pressure on Bitcoin's price.

More Bitcoin News

Solana hovers around $180, resists sell-off despite $22 million SOL transfer

Solana hovers around $180, resists sell-off despite $22 million SOL transfer

Solana whale transferred nearly 124,000 SOL tokens to Binance on Monday. The $22 million transfer could contribute to selling pressure on Solana, raising concerns among traders. 

More Solana News

PEPE price poised for a rally after retesting trendline support

PEPE price poised for a rally after retesting trendline support

Pepe price breaks out of the descending channel pattern, signaling a change in market structure from bearish to bullish. On-chain data shows that PEPE's Long-to-Short ratio is 1.66, suggesting a bullish bias.

More PEPE News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.

Read full analysis