Cardano Breaks New Ground with First Zero-Knowledge Smart Contract, Whales Signal Bullish Momentum
With the successful launch of its first zero-knowledge (ZK) smart contract on the mainnet this week, Cardano (ADA) has made a major technological advancement while also seeing tremendous whale accumulation and price growth.
Cardano’s Halo2 ZK Smart Contract Technological Innovation
The Halo2 proof was verified on the Cardano mainnet on November 25, marking a significant milestone for the Input-Output (IO) Research team. This innovation makes it possible for partner chains like Midnight and zero-knowledge applications to easily interface with the Cardano ecosystem using the Plutus v3 ledger language.
A quantum leap in transaction validation is provided by the Halo2 zk-SNARK proving system, which enables safe calculations without disclosing private information. Halo2, in contrast to conventional systems, offers recursive proofs and does away with the requirement for a trusted setup, possibly changing the security and scalability of blockchain technology.
ADA Whale Activity and Market Performance
This technological development has coincided with ADA’s notable market dynamics. During a market fall, whales have methodically amassed over 130 million ADA by buying tokens at around $0.30 and bolstering important support levels.
At its current price of $1.01, ADA has shown remarkable performance:
- 24-hour price increase: 4.60%
- Seven-day price increase: 27.32%
- 24-hour trading volume: $2.60 billion
- Market capitalization: $35.25 billion
ADA/USD Technical Analysis: Bullish Indicators Dominate
Several technical indicators point to bullish momentum for ADA/USD:
- Moving Averages: ADA remains above the 20-day Simple Moving Average at $0.756
- Bollinger Bands: Widening, indicating increased market volatility
- Relative Strength Index (RSI): At 74.66, signaling strong bullish sentiment
- MACD: Showing a bullish crossover with positive histogram
Additional insights from IntoTheBlock on Cardano’s on-chain metrics support a bullish outlook, including:
- 70% of ADA holders currently sit in profit
- 71% of tokens have been held for over a year
- Net exchange outflow of $2.82 million on November 27, suggesting accumulation
Cardano Price Prediction
Strong market indications and the successful implementation of the ZK smart contract suggest that Cardano is well-positioned for future expansion. Analysts anticipate a move toward the psychologically significant resistance level of $1.00, with some short-term estimates aiming for $1.20.
A strong asset in the present bullish cryptocurrency scene, ADA’s 0.94 correlation with Bitcoin further indicates that it is in line with general market trends.
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