The Cardano (ADA) network utilization has surged to the highest level in four months amid the altcoin’s renewed selling pressure.
As of June 5, the active addresses on the Cardano network reached 28,459, according to on-chain data analytics from Santiment.
The notable surge in Cardano network coincided with a significant increase in the altcoin’s social dominance and bearish sentiment. As of press time, the ADA social dominance surged to the highest level of 2026, while its price fell in tandem with the broader crypto market, reaching a local high of around $0.16 on Friday.
As such, the rise in Cardano network utilization amid renewed social dominance could be traders liquidating their holdings following negative sentiment from ADA founder Charles Hoskinson. Although he reaffirmed his commitment to the Cardano network, Hoskinson warned that the ecosystem could face a “wave of failures” following project shutdowns and funding challenges.
“If you want someone to make ADA go back to all-time highs, I’m not your person,” Hoskinson stated.
What’s next for Cardano price?
Amid the notable rise in Cardano’s on-chain activity amid negative social sentiments, Finbold AI Agent – an advanced financial assistance tool – has made a bold prediction for this altcoin on June 30. The Finbold AI Agent predicted that the ADA price could average a 42.4% drop over the coming few weeks, hitting $0.109 at the end of this month.
The AI could be predicting a further ADA price selloff in June as rising on-chain activity coincides with bearish sentiment. However, if the altcoin regains its multi-year support level around $0.24, potentially fueled by whales’ demand, as Finbold reported, the mid-term bearish sentiment could be invalidated and vice versa.
