Over 1,000 Devs on Its Devnet, Cardano’s Midnight Shows Early Traction

A famous crypto analyst has laid out his case for why Cardano’s ADA token could be on the verge of a major rally after observing the latest trend of events surrounding the blockchain project.

In his latest , the analyst spotted crucial developments that he considers signals of a momentum buildup that will trigger an ADA rally soon.

The analyst noted a cluster of variables that deal with ADA’s integration with the Bitcoin ecosystem alongside other cross-chain innovations involving Cardano. He cited Cardano’s integration with the Bitcoin OS earlier this year as a crucial channel to a $1.5 trillion liquidity between the Bitcoin and Cardano ecosystems.

According to the analyst, the cited event simplified Cardano’s integration with Bitcoin, enabling seamless user migration. Meanwhile, Cardano added smart contracts to its UTXO, establishing its uniqueness in the blockchain industry. The entire process led Cardano’s founder, Charles Hoskinson, to launch Cardinal as Cardano’s first Bitcoin DeFi protocol.

In the meantime, the analyst spotted the upcoming Midnight Glacier airdrop as another signal towards increasing ADA demand. He described Midnight as the blockchain solution that brings ZKPs and private smart contracts to Cardano, noting that it provides the kind of privacy that institutions are looking for, positioning Cardano for a potential surge in institutional demand. Midnight also allows Cardano DApps to interact privately with other blockchain ecosystems.

Midnight is already gaining traction, with over 1,000 developers already signed up for its Devnet. The analyst thinks the surge in early adoption sets up the Cardano ecosystem for a whole new area of innovation.

Meanwhile, a potential ADA spot ETF in the US could massively boost ADA’s demand, according to the analyst. He considers that a potential opening for institutional investors to enter the ADA ecosystem, similar to the Bitcoin situation after the SEC approved spot Bitcoin ETFs in January 2024.

In the meantime, TradingView’s data showed that ADA traded for $0.75 at the time of writing, having rebounded from a recent pullback that saw the altcoin crash $0.6841 over the last weekend.