- Cardano received the most public votes for the Best L1 Network award.
- ADA has been one of the latecomers in the cryptocurrency market in recent weeks.
Cardano (ADA) led the race to win the award for Best Layer 1 (L1) Network at the upcoming Blockchain Life Forum in Dubai.
The smart contract network was on top with 2,015 votes in favor, AMBCrypto discovered through the event’s official voting portal.
Interestingly, Cardano is well ahead of powerhouses like Ethereum (ETH) and Solana (SOL), which can manage 484 and 161 votes respectively at the time of writing.
Public voting will continue for the next 10 days. After this period, the chain with the most votes is declared the winner.
A prominent Cardano community member said that winning this award would give the ecosystem and its native token ADA a “huge visibility boost.”
Well, we can say that the token needs a really big bullish catalyst.
Stories of underperformance
ADA has been one of the latecomers in the cryptocurrency market in recent weeks.
Most major assets rose significantly during the month, but the ninth-largest cryptocurrency recorded a loss of 3.41%, according to CoinMarketCap.
Moreover, on a year-to-date (YTD) basis, it has only accumulated a gain of 6.6%.
ADA’s revenue-to-total supply ratio has plummeted from 82% to 76% over the past two weeks, according to AMBCrypto’s analysis of Santiment data.
This poor performance also caught the attention of whales, who seemed to have given up on their coins.
The number of wallets holding between 1,000 and 100,000 coins decreased significantly over the month, meaning they were being sold.
Source: Santiment
Will the ADA go any lower?
AMBCrypto has studied some of ADA’s important technical indicators to better understand ADA’s potential next moves.
The relative strength index (RSI) remained below the 50 neutral line. Previous violations at this level have not been successful. A reading above 60 could give more confidence to optimistic traders.
Read Cardano (ADA) Price Prediction for 2024-25
On Balance Volume (OBV) showed a negative divergence with the price action, suggesting that the upward momentum may soon disappear.
Moving Average Convergence Divergence (MACD) is at risk of falling below its signal line in the upcoming trading session, which would cause ADA to plummet.
Source: TradingView