Alonzo has been live on the Cardano Network for about two weeks. The narrative that led to the hard fork was very consistent, with predictions that the price of ADA would rise significantly after its introduction.
On the other hand, the hard fork turned out to be “non-performing with little impact on the price of the token. In fact, the price of ADA fell to $1.98 in the days following its debut. As a result, one can say that ADA, like the rest of the tokens, is $1.98.” In the market, has succumbed to the broader negative market trend
Regardless, the deterioration of metrics on the chain has had a cascading effect on the price of the variant. Therefore, unless the situation improves and even improves, a price trend reversal seems unlikely.
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According to CardanoScan, the number of network transactions has remained fairly stable over the past few days, despite crossing 111 thousand on September 17. This clearly indicates that quite a few people have used the Cardano network recently.
In recent months, the average conversion value has also been trending downward. Notably, the same saw a significant rally in the first few days of September before falling. For that matter, the active addresses portion was decreasing. During the week of September 7 to 24, the same fell from 9.17 percent to 2.45 percent.
Active users, for the most part, are just trying to try and test the network at this point. One could argue that the Cardano market is now devoid of any meaningful momentum.
Trend reversal on the cards?
Cardano has a large number of launches planned in the fourth quarter. With the launch of Cardax DEX, users will be able to exchange ADA for other native tokens. The exchange will also have its own utility token, called CDX. GREED will also be one of the first tokens to be issued on the blockchain.
Several high-profile projects are planned to take advantage of the Cardano ecosystem in the coming weeks, ranging from Liquid, an open source, non-security liquidity protocol, to SingularityNET, a platform that allows users to design and market AI services at scale. In fact, the blockchain will be used by a new group of users.
However, a major reversal in the trend seems unlikely until Cardano’s adoption accelerates. In fact, it would be reasonable to expect a direct impact on the price of the altcoin if the above-mentioned future events really contribute to the growth of the network.