• Cardano network has grown to a major smart contract ecosystem with more than $366 million in Total Value Locked as the core developers led by Input Output continue to build the necessary infrastructure for ADA mass adoption.
• Amid the ongoing altcoin awakening, ADA price has rallied more than 11 percent in the past seven days, thus signaling impending implosion in the coming months.

Cardano (ADA), a leading layer one blockchain that is focused on democratizing smart contracts through the web3 industry, has recorded notable developments in the past few years to guarantee a bullish outlook in the upcoming cycle. As a result, the Cardano network has attracted notable attention from both retail traders and institutional investors due to its deep liquidity and economics.

Furthermore, about 22.78 billion of the total ADA circulating supply, representing 62 percent, has already been staked by different investors. Additionally, the Cardano network has so far facilitated more than 22k smart contracts from leading decentralized financial platforms like Indig CDP, Minswap DEX, and Liqwid Lending, among many others. 

Nevertheless, the Cardano network is facing immense competition from other layer-one blockchains that are offering similar services and are backed by reputable venture capitals. For instance, Solana (SOL), Tron (TRX), and BSC ecosystems have been at the forefront of mainstream smart contracts adoption against all odds.

Meanwhile, the Cardano network has the advantage of having a committed team of core developers led by co-founder Charles Hoskinson and the entire Input Output team. Despite the development activities being lower in the past month compared to prior ones, the Cardano network was named the top altcoin with notable GitHub commits by market intelligence platform Santiment.

Closer Look at Charles Hoskinson’s Coded Message

Over the weekend, Hoskinson shared an alphanumeric coded message with a description ‘we did it. The X post stirred notable attention from the Cardano community since Hoskinson did not proceed to explain the coded message.

Popular Cardano staker dubbed Stake with Pride suggested that the hashed message looks like a SHA256 alphanumeric code that will be revealed later. Moreover, Hoskinson is a respected cryptographer with a deep understanding of philosophical mathematics.

Meanwhile, the Input-Output team had a day earlier that Hoskinson’s post announced that its paper on Universal Anonymous Signatures (UAS) had been accepted into the FC’24. As a result, the Cardano community was left to speculate on whether Hoskinson’s coded message had something to do with the Universal Anonymous Signatures paper.

Cardano Price Action and Analysis

Amid the ongoing altcoin awakening fueled by the Bitcoin price breakout above $40k, Cardano’s (ADA) price has gradually signaled an imminent bullish breakout. Moreover, ADA price is on the cusp of completing a correction phase that ranges between 69 cents and 47 cents, which started in early December last year.

Meanwhile, the ADA bullish outlook will be confirmed after the weekly 200 Moving Average (MA) is converted to a support level and the weekly Relative Strength Index (RSI) rallies above the 70 level. According to the latest market data, ADA price has gained 12 percent in the past seven days to trade at .