Will Cardano’s Latest Push Help ADA Move the Price Charts Up?

After more than a month’s slump in the crypto market, some cryptocurrencies have started another round of rebounds. Among them, Cardano (ADA) is one of the most prominent cryptocurrencies. The protocol has seen impressive developments over the years, despite the price not matching it.

More scales

Cardano saw the pressure on his main grid increase over the years. Now, to achieve true mass adoption and support a global financial system of applications and services, scaling was required. In its latest development, Cardano introduced a scaling solution- Orbis

It is the very first scaling solution for Cardano (ADA) set up to use zk rollups. It would contain zkSNARKs (Succinct, Non-interactive, ARgument of Knowledge). A type of zero-knowledge proof that requires no mutual interaction between on-chain and off-chain modules. As with other zk-based solutions, transactions on Orbis would take place off-chain.

Well, it would give Cardano the much-needed boost given the current demand for the said protocol. The Orbis ecosystem allows users to build Layer three solutions on top. Ergo, proving the benefits of scalability. It would also allow dApps to enjoy much greater throughput without compromising Cardano’s layer one security guarantees.

A good start

According to IntoTheBlock data, Cardano’s big trades almost got up 175% in the last 24 hours. The ADA price continues its latest rebound attempt after hitting a low of $0.74 on Feb. 24.

cardano”shark addresses” with 10,000 to 100,000 ADA tokens collected nearly half of Cardano’s total supply of 34.12 billion ADA. Cardano holders’ ADA balance rose to over $10 billion. It was the highest increase since December 2019.

Source: Holiness

In the past five weeks, these addresses contributed 6% more to the total ADA delivery. Basically the flagship coin increased over 11% in just 24 hours. However, using this as a catalyst, the pertinent question here is: can the #7th largest coin surpass $1?

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