Cardano (ADA)’s price went up more than 9% over the weekend because the number of active addresses on its blockchain hit a five-month high this week. When there is word about FET being used on the Cardano network by the Artificial Superintelligence Alliance (ASI), the price and activity of FET change.
The ASI Alliance, which is made up of well-known companies like Singularity NET, Fetch.ai, and Ocean Protocol, announced on September 7 that its FET coin would be deployed on the Cardano blockchain.
The coin used to be listed under the ticker ASI, but it has changed over time and is now a native Cardano token (CNT). This mix should give you more power and make it easier to use in the Cardano community.
Emphasizing as primary factors influencing Cardano’s decision the security, speed, and cheap transaction costs of the network, the release concentrated on her robust infrastructure. The news inspired group gains for ADA and FET since the deployment announcement; these numbers rose correspondingly by 8.39% and 6.85%.
Cardano’s Design Praised For Advancing Artificial General Intelligence
The CEO of SingularityNET, Ben Goertzel, commended Cardano’s basic design and pointed out that its “mathematical elegance” would be quite important for developing the field of artificial general intelligence (AGI).
Using FET on Cardano set off a chain reaction throughout the ecology. Data from the monitoring tool Santiment shows that ADA active addresses jumped to 52,077 on September 7, the highest level since March 2024. This increase in active addresses came before ADA’s price jump, so maybe setting the stage for short-term optimism.
Concurrently, the ADA funding rate went positive over the weekend following a period of negative funding, implying that long bets might have been crucial in influencing the price motion.
Still, it’s interesting that ADA’s open interest has stayed rather steady over the previous month, implying that a small group of futures traders might be driving the present price movement. Should these traders shift their position, ADA might see its former bearish trend continuing.
ADA’s current gathering also results from its strong link with Bitcoin. ADA has profited from its great relationship with the top cryptocurrency as Bitcoin closed above $54,000 on the weekly candle and keeps trading above $55,000. Data indicates that Cardano and Bitcoin have a 90-day rolling correlation value of 0.74, which has climbed over 10% since early August.
Although Bitcoin’s returns over the weekend were just a modest 3%, they gave ADA a positive basis to profit on the ASI cooperation news momentum.
From a technical standpoint, on September 9 ADA’s price peaked at $0.35. On both the 1-hour and 4-hour charts, the Bitcoin effectively broke out from its recent bearish trend.
Following a bullish double-bottom pattern, ADA kept a price posture above the 200-day EMA level on the one-hour chart. On the 4-hour chart, ADA now runs across opposition from the same indicator, though.
Should ADA be able to overcome this opposition on the 4-hour chart, local highs at $0.40 could be retested during the next days, indicating an 18% increase from their present level.
Cardano’s price rising right now reflects the significance of smart interactions and modern technologies for its community.
The ASI Alliance’s Cardano token of sharing not only improved network KPIs but also drew investors’ attention once more. As it seeks additional profits, the market will be highly interested in how effectively ADA can follow more significant bitcoin moves.
