Cardano price gets oversold, crashes to key support level

Cardano continued its sharp downward trend, hitting its lowest level since October 2023 and becoming one of the crypto industry’s top laggards. The token slipped to $0.2640, down over 80% from its December 2024 peak and 91% below its all-time high of $3 in 2021.

The decline persisted despite several catalysts: the launch of CME futures, which made the product available to American retail and institutional investors, and the upcoming Midnight mainnet, expected either later this month or in March. Midnight’s testnet has handled over 185,000 blocks and 295 million slots, and NIGHT has reached a market capitalization above $800 million.

Developers are working on upgrades aimed at improving the network and attracting creators. The Leios upgrade is intended to make Cardano faster than many popular chains, while the Pentad program seeks to bring in an oracle network, tier-1 stablecoins like USDT and USDC, and analytics tools.

United States

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