Cardano Steadies at Support as Founder Hoskinson Shares Insights on Markets and Network Growth

Cardano’s ADA Slips as Hoskinson Flags Network Upgrades, Macro Catalysts

Cardano’s ADA token dropped 3% in the past 24 hours, changing hands at $0.87 after a volatile overnight session that saw the price swing more than 10%.

The moves followed a Friday AMA with Cardano co-founder Charles Hoskinson, who reiterated optimism about the network’s outlook. He highlighted the upcoming Midnight Network, a privacy-focused initiative, as a potential growth driver and suggested that integrating bitcoin into Cardano could expand its use cases and appeal to investors.

Hoskinson also pointed to macro factors likely to influence crypto markets in the near term, including a possible Federal Reserve rate cut in September and the prospective passage of the Digital Asset Market Clarity Act (CLARITY).

ADA briefly rallied to $0.963 on strong trading volumes before sliding nearly 10% to $0.862, where buyers stepped in around support at $0.856. Volatility jumped to 10.48% during the session, in line with broader market weakness as bitcoin slumped and the CoinDesk 20 Index fell more than 3%.

Despite being up 125% over the past year, ADA remains down over 70% from its $2.90 peak in August 2021. For now, traders see the token as range-bound until macro and regulatory signals become clearer.