Cardano has launched Midnight Testnet. Speculation is currently rampant, with many expecting major upticks in the value of ADA once it completes the transition to mainnet. Midnight Testnet essentially enables developers to explore new functionalities within the confines of the ecosystem without compromising on users’ privacy. It is expected to increase developers’ participation and is now considered a significant milestone in the journey of Cardano.
Midnight Protocol was introduced last year, that is, in 2023, with the intention of crafting a secure, stable environment. It is alternatively defined as a secure Sandbox setting where developers can safely evaluate functions before taking them to the mainstream. Simply put, Midnight Protocol simulates a mainnet launch while prioritizing sensitive user information.
A transition to the mainnet could boost the value of ADA. The token is currently exchanging hands at $0.3464, down by 3.88% in the last 24 hours. It also reflects a dip of 12.19% in the last 7 days and a surge of 4.13% in the last 30 days.
The launch of Midnight Testnet comes after the implementation of Chang Hard Fork. It marked a shift towards a more decentralized governance architecture by allowing ADA holders to submit and participate in the voting process.
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As developer engagement with Midnight Protocol grows, users will also see a shift in their sentiments. It stems from the fact that a higher demand for ADA will cause an uptick in the value of the native crypto coin. This encourages users to either increase their holdings or acquire the token for the first time. Cardano prediction for the next 30 days is bullish. It is expected to see a surge of 16.94% to the value of $0.407. The next 5 days, however, are likely to see a dip of 6.44% from the current value. Taking ADA to $0.326373.
Long-term predictions are optimistic for Cardano. The token is poised to test the support level of $0.5. A precise timeline has not been drawn—that uptick could happen by the end of this year, that is, 2024. Given near-term predictions, at least come closer if they are not surpassed.
Some factors that are likely to influence the price of ADA are trading volume, overall market condition, and investor sentiments. These are on top of the basic demand-supply mechanism of the Cardano token. Investors’ sentiments are bullish or neutral in light of the current situation. Overall market condition is waiting for more rate cuts and clarity on who could win the next US Presidential elections. Trading volume was down 30.18% at the press time. The market cap is also down by 4.58%.
Moving forward, all eyes are on the implementation of Midnight Protocol’s mainnet launch. It remains to be seen how positively the testnet influences Cardano’s ecosystem.
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Also Read: Cardano Price Outlook for Q4 2024: What to Expect from ADA
