Cardano (ADA) saw a 9% price surge over the weekend, driven by significant developments in its ecosystem. The Artificial Superintelligence Alliance (ASI) announced on September 7th that their native token, FET, had been successfully deployed on the Cardano blockchain. This move has sparked renewed interest in the ADA network, leading to increased on-chain activity.
ASI Alliance Brings FET Token to Cardano
The ASI alliance, including key players like SingularityNET and Fetch.ai, highlighted Cardano’s strong security, speed, and low transaction costs as reasons for choosing the ADA blockchain for FET’s deployment. The FET token, which will soon be rebranded as ASI, is now a native Cardano token (CNT), allowing for better functionality within the ecosystem.
Cardano active addresses. Source: Santiment
This announcement boosted both ADA and FET prices, with ADA gaining 8.39% and FET up by 6.85%. SingularityNET’s CEO, Ben Goertzel, praised Cardano’s infrastructure, describing its “mathematical elegance” as crucial for advancing Artificial General Intelligence.
Cardano Active Addresses Reach 5-Month High
The ASI announcement created a positive ripple effect for Cardano. On-chain data from Santiment shows that ADA’s active addresses hit 52,077 on September 7th, marking the highest level since March 2024. The rise in active addresses helped fuel short-term bullish sentiment around ADA, pushing the price higher.
Cardano open interest, funding rate chart. Source: Velo.xyz
Alongside this, Cardano’s funding rate turned positive over the weekend, indicating long positions were dominating the market. However, it’s worth noting that ADA’s open interest has remained steady, suggesting that a small group of futures traders could be influencing the price.
ADA Eyes $0.40 as Bullish Sentiment Grows
ADA reached $0.35 on September 9th, breaking its recent bearish trend on both the 1-hour and 4-hour charts. If Cardano can breach the 200-day EMA resistance level on the 4-hour chart, analysts predict the price could rally toward $0.40 in the coming days.
Cardano-Bitcoin correlation chart. Source: blockchaincenter.net
Cardano’s high correlation with Bitcoin (BTC), currently at 0.74, has also provided additional bullish momentum, as BTC’s recent gains have positively influenced ADA’s price performance.
