Cardano’s ADA token slipped nearly 4% over the past 24 hours, deepening recent losses even as anticipation grows around the network’s significant Leios upgrade. ADA dropped to $0.5818, with trading volume surging 38.4% above its 7-day average, signaling active market participation, per CoinDesk Research’s technical analysis.
On Thursday, Input Output Global (IOG) — Cardano’s core development firm — shared fresh details on X about the forthcoming Leios upgrade. The new protocol is expected to improve transaction throughput and network efficiency, introducing innovative features like endorsements to enhance performance under heavy load while preserving decentralization and security.
Originally revealed in November 2022, Leios is set to replace earlier versions of Cardano’s Ouroboros consensus protocol, such as Praos and Genesis, which struggled with throughput limitations due to algorithmic constraints rather than hardware issues. Leios promises a major leap forward through faster chain synchronization, tiered transaction fees, and smarter resource allocation.
Though technically complex, the upgrade is seen as transformative for Cardano’s ecosystem. Founder Charles Hoskinson announced on May 10 that Leios could launch as soon as 2026, significantly ahead of its previous 2028 timeline.
Meanwhile, blockchain data indicates ongoing accumulation among dedicated investors, as long-term ADA holders continue moving tokens off centralized exchanges, signaling confidence in the project’s long-term trajectory.
Technical Analysis Overview
- 24-hour range: ADA traded within a 7.15% band, falling from $0.605 to as low as $0.562, before staging a modest recovery.
- Support zone: Strong trading activity, peaking at 175 million ADA, established key support between $0.562 and $0.576 during the 17:00 hour.
- Consolidation range: ADA is stabilizing between $0.573–$0.582 (support) and $0.582–$0.588 (resistance), hinting at a period of sideways movement.
- Volume trend: Diminishing volume into support suggests potential accumulation behavior among traders.
- Intraday pattern: A brief pullback late in the session saw ADA slip from $0.585 to $0.582 inside a minor descending channel.
- Key moments: Notable volume spikes occurred at 12:39 and 12:48, each surpassing 1 million ADA, reflecting critical decision points for traders.
- Breakdown and recovery: The $0.583 support briefly gave way during the midday sell-off but ADA quickly rebounded near $0.582, maintaining its short-term structure.
