• Cardano’s brand new constitution is a win for ADA holders, putting more power in their hands and boosting how the network is run.
• The amount of value locked in Cardano’s DeFi and increased activity on the blockchain are both climbing, showing the network is healthy and people are really using it.

Cardano (ADA) is riding a fresh wave of energy after officially adopting its constitution – a big move that shakes up how decisions are made on the network. With ADA’s price holding strong at key support levels, crypto experts are feeling optimistic, whispering about a potential price surge coming soon.

Cardano’s main guy, Charles Hoskinson, has described this shift as turning Cardano into “a living, breathing government.” The Cardano Foundation chimed in, reporting that a whopping 85% of the community gave the thumbs up to the constitution, signaling they’re really on board with where things are headed.

Mark your calendars – February 19th was the day Cardano’s constitution was officially given the green light. This is a huge deal for Cardano’s plan to be run by the community, not just a central authority. Now, if you hold ADA, you get more say in how things are run, making the network more transparent and involving everyone in the process.

In a video, Cardano founder Charles Hoskinson explained that this change is like watching Cardano grow into a “living government.” The Cardano Foundation also highlighted that 85% of the community said “yes” to this new direction, proving there’s a lot of belief in this move.

It’s not just governance getting a boost – Cardano’s DeFi world is also booming. According to DefiLlama, the Total Value Locked (TVL) in ADA has jumped 22.4% in just the last week, leaping from $313.6 million to $383.7 million. This impressive climb is largely thanks to projects like Splash Protocol, lenFi, and Indigo, which are getting investors excited all over again.

Technical Indicators Point to Bullish Momentum

Looking at the technical side of things, ADA’s price chart is painting a pretty positive picture. Crypto analysts at FXStreet point out that ADA has found solid footing around the $0.67 mark – the 61.8% Fibonacci retracement level – and has bounced back up from there. Historically, this price point has often been where things change direction for ADA.

Adding to the good vibes, data from Coinglass reveals that the ratio of traders betting on ADA going up (long positions) versus those betting it will go down (short positions) is the highest it’s been in over a month. This shows more and more traders are feeling confident. Plus, the OI-Weighted Funding Rate has flipped positive, suggesting the smart money is betting on ADA to climb even higher.

Well-known analyst Ali Martinez emphasized how important the $0.67-$0.80 support range is right now. He’s suggesting that if ADA can break above $0.90, we could see a run all the way up to $1.35.

However, a little caution is always wise in crypto trading. Even though things are looking up right now, the crypto market is famous for its ups and downs. Things outside of crypto, like the overall economy or unexpected global events, could still throw a curveball at ADA’s price.

For those investing in ADA, keeping a close watch on upcoming tech upgrades and governance milestones will be really important to understand how Cardano might grow in the long run.