Following the recent Alonzo Mainnet upgrade, Smart Contracts (SC) compatibility has become a reality for Cardano (ADA) developers. The upgrade allows developers to create decentralized applications (dApps) and decentralized finance (DeFi) services.
With the recent creation of new SC projects, the network could witness a massive influx of new dApps. Reports show that the network recorded over 100 Smart Contact projects in the first 24 hours after the upgrade. This impressive performance has only grown exponentially over the past few days. At press time, the total SC count on the network stands at a whopping 2,280 projects.
While most of the SC projects are “time-locked,” which means that developers are saving a spot ahead of the release of their decentralized applications, it shows that many developers are excited to launch SC projects on the Cardano ecosystem.
The timelock contract allows developers to secure a spot on the network for a stated period, thereby allowing them to focus on developing their SC projects.
Although there have been no immediate effects of this development on ADA, Cardano’s native token, there is no doubt that it will have a long-term and lasting impact on the price of the cryptocurrency.
Key Cardano Levels to Watch — September 17
Following a prolonged consolidation between $2.420 and $2.350 since Monday, Cardano finally posted a sharp leg-up towards the $2.600 resistance on Wednesday. However, this goodish uptick got repelled by the resistance level, which sent it spiraling down back into the consolidation zone. This bearish momentum comes amid a widespread market consolidation.
We expect to see a continued decline to the $2.350 base, where a bullish rebound could occur again. A sustained fall below this zone could precipitate a swift retest of the $2 psychological mark, making this zone a critical defense post for bulls in the near term.
Meanwhile, our resistance levels are $2.420, $2471, and $2.600, and our support levels are $2.350, $2.300, and $2.200.
Total Market Capitalization: $2.13 trillion
Cardano Market Capitalization: $75.8 billion
Cardano Dominance: 3.56%
Market Rank: #3
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