Cardano, the blockchain platform, has seen a resurgence of bullish sentiments despite persistently underperforming in comparison to the broader cryptocurrency market. This uptick in sentiment is particularly notable given the current market context, where the crypto market is showing signs of recovery, with Bitcoin reclaiming the $61,000 price mark.
Despite recently dropping out of the top 10 list of largest assets, Cardano is one of the biggest beneficiaries of this optimism. Per Santiment, Cardano’s weighted sentiment score is at an impressive 1.69, surpassing other major assets like Bitcoin and Ethereum. Data confirms that Cardano’s current bullish sentiments represent the highest level in 2024.
The rise in positive sentiment around Cardano despite its continued price struggles represents a contrast in market trends. However, the optimism could be linked to the upcoming Chang hard fork, which would introduce Voltaire, Cardano’s last era, and a shift in governance. Nonetheless, it appears the market has yet to translate this optimism into significant price recovery, leaving ADA still hovering at one of its lowest points in recent months.
In contrast, other assets like Bitcoin and Binance Coin have shown more direct correlations between sentiment and price movement. Bitcoin, with a sentiment score of 0.54, has managed to sustain its recovery above $61,000, while BNB, with a sentiment of 0.77, is up 9% over the past week. Meanwhile, Cardano is trading at $0.3438, up 2.1% this morning, facing stiff resistance at $0.3872.
