Cardano Records +90% Blockchain Load Amid Rising Demand
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After recording a series of major network developments in the past few months, Cardano (ADA) has been stretched to its processing limits again. Recent reports show that the blockchain load has been over 90% for the past eight days, its longest time on record, stretching its capacity.
“Blockchain load” refers to the amount of memory space within the average Cardano block getting filled. That said, a 100% blockchain load means that Cardano blocks have reached their absolute limit, while 0% means there is no activity at all.
Data from Cardano Blockchain Insights, an on-chain and off-chain Cardano analytics provider, shows that blockchain jumped on January 14 from 55.2% to 91.8% by January 16. This spike has sustained itself since then and has remained above 90% while recording new record highs.
To combat the risk of failing to meet rising network demand, Cardano announced an increase in its block size by 12.5% in November. Notably, traffic on the network spiked in September after the platform introduced smart contracts compatibility.
Surprisingly, ADA has remained depressed since last September, despite the Alonzo upgrade. After peaking at $3 in September, the sixth-largest cryptocurrency has maintained a downtrend and currently trades at a meager $1.03, over 66% away from its previous all-time high.
Key Cardano Levels to Watch — January 28
ADA continues to trade within my descending channel beginning in September, as the broader market maintains some bearish underpinnings sponsored by a slew of fundamental factors. The sixth-largest cryptocurrency attempted a break above the midpoint of my channel at $1.450 last week but suffered a defeating blow that sent it to the base again.
Currently, the cryptocurrency trades on a sideways bias just above the critical $1 mark since its crash from last week’s midpoint sighting. That said, the channel appears to be a major guiding factor for ADA, indicating that additional corrections could ensue in the coming days.
Meanwhile, our resistance levels are $1.050, $1.100, and $1.150, and our support levels are $1.400, $1.350, and $1.300.
Total Market Capitalization: $1.67 trillion
Cardano Market Capitalization: $34.6 billion
Cardano Dominance: 2.07%
Market Rank: #6
