Cardano (ADA) aims higher today, with an over 6% price increase in the last 24 hours. The price rally follows the news of Aiken Launch, an open-source Smart Contract Language and Toolchain for writing smart contracts on Cardano.
Aiken aims to simplify and improve the processes of developing smart contracts on the Cardano blockchain. The news stirred positive price moves for ADA as the token witnessed a notable price increase in the hours following the announcement. ADA has now recorded an over 15% price uptick on the weekly chart.
Updates On The Aiken Launch
Cardano announced that it launched Aiken’s alpha phase on April 13. Aiken will solve problems relating to Smart contract writing, including setting up, learning, and using the Haskell Plutus platform on the blockchain. It would improve interoperability between Haskell (a general-purpose programming language) and other off-chain languages.
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According to the announcement, Plutus is challenging to use with other off-chain codes. But Aiken would solve this problem by simplifying integration into any off-chain infrastructure stack, leveraging IOG’s research on Plutus, a Smart Contract platform on the Cardano blockchain that allows developers to execute programming from a single Haskell library.
Aiken comprises several domain-specific conveniences that make Smart Contract development easy and more efficient. It renders quick compiler feedback and automatic code formatting, including a language server with editor integrations.
The announcement noted the Aiken team would run audits to ensure the program meets the expected standard. The feedback from the audit will enable a smoother mainnet launch.
ADA Price Surges after Aiken; What’s Next?
The ADA community and broader crypto market participants are excited about the Aiken news. As of March 13, ADA closed with a 5.16% price increase, resuming again today with a 6.74% price gain at press time.
The community’s reaction reflected the surging trading volume witnessed today. ADA has observed a 61.42% rise in trading volume in the last 24 hours. ADA witnessed a sharp uptick in trading volume between April 13, after the Aiken launch announcement, and April 14.
The trading volume increased rapidly from $371.43 million on April 13 to $716.97 million today, April 14. That suggests higher network and trading activity after the Aiken unveiling.
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Some observers believe this development may lead to a bullish sentiment for ADA as it could attract more utility to the token. ADA price is trading at $0.4378, with a 6.74% increase over the past 24 hours. Also, the token’s 7-day price gain has increased to 15.63%, placing it in the seventh position among the top-gaining cryptocurrencies today.
According to technical indicators, ADA price has crossed all moving averages, a bullish signal for the token. The Oscillators point towards a strong buy direction, while the coin price is above the primary pivot points S1 (0.3280), S2 (0.2571), and S2 (0.14550).
It indicates the bulls are in control of the market, with their activity pushing the token price forward. If the current bullish sentiment sustains, ADA might edge closer to the $1 price level.