Cardano’s network activity has jumped to levels not seen in four months, even as the altcoin faces renewed selling pressure. On June 5, the number of active addresses on the Cardano blockchain reached 28,459, according to data from Santiment. This spike in activity comes at a time when social dominance for ADA has also surged, hitting its highest point in 2026. But here’s the twist: the price has been falling. As of press time, ADA traded near $0.16, a local high reached on Friday, but the broader crypto market downturn has weighed heavily on it.
Network usage rises amid bearish sentiment
The increase in on-chain activity might not be a sign of renewed confidence. Instead, it could reflect traders rushing to liquidate their holdings. The negative sentiment seems tied to comments from Cardano founder Charles Hoskinson. While he has reaffirmed his commitment to the project, he also warned that the ecosystem could see a “wave of failures” due to project shutdowns and funding challenges. Hoskinson’s bluntness didn’t help; he stated, “If you want someone to make ADA go back to all-time highs, I’m not your person.” This kind of honesty, while refreshing, has likely fueled bearishness among holders.
What the data suggests for ADA price
Looking ahead, the Finbold AI Agent, an advanced financial assistance tool, has made a bold prediction for ADA by June 30. The AI model forecasts an average price drop of 42.4% over the coming weeks, potentially bringing ADA down to $0.109 by month’s end. The AI sees the rising on-chain activity combined with bearish sentiment as a recipe for further selloffs. However, there’s a flip side. If ADA can reclaim its multi-year support level around $0.24, possibly driven by whale demand, the mid-term bearish outlook could fade. That’s a big if, though. For now, the market seems to be leaning toward more pain before any potential recovery.
