SingularityNET, a pioneering AI project that is based on Cardano blockchain technology, recently revealed its ambitious strategy to create a cross-chain interoperability between Ethereum and Cardano, directly influencing ADA.
In 2022, SingularityNET made significant progress on all fronts. Its mission is to advance Artificial General Intelligence (AGI) and implement AI in strategic industries, all towards a positive Singularity.
Additionally, CoinMarketcap data indicates that AGIX, the native token of SingularityNET, is currently trading at $0.142 with a significant price increase seen on both its daily and weekly charts. In the last 24 hours, AGIX has seen a gain of 60% and an incredible growth of 190% in the past 7 days.
As per SingularityNET’s ongoing development program, in Q1 of 2023, the AGIX-ADA staking will be officially launched on Cardano. Before this, a bridge between Ethereum and Cardano networks was released to let AGIX be transferred between them. In addition, the AGIX-ADA rewards program was also made available.
Cardano (ADA) On Rise
Cardano (ADA) is moving in the same direction as the overall market sentiment, exhibiting a positive price movement. Trading has been active since the market gained ground and headed up, including a strong bullish momentum from Bitcoin and Ethereum, showing considerable increases in value.
According to Coinmarketcap data, Cardano (ADA) is currently trading at $0.3279 and has seen a 1.38% increase in value over the last 24 hours. The token has recorded a 22% profit over the past week, adding it to the list of the top-performing cryptocurrencies.
Like others, the tighter macroeconomic conditions have affected the Cardano (ADA) token. Despite this downward trend, ADA has remained one of the largest cryptos by market capitalization and ranked in the top 10. After a period of stagnation and reaching new lows, the token has seen a bullish trend in recent days.
The positive news for ADA, such as the DeFi TVL reaching a two-month high and the announcement of an upcoming hospital that will accept ADA as a payment method in February, has contributed to the spike in the token’s value.
However, for ADA to recover, it must surpass the overhead resistance of $0.35. However, to maintain its current position, it must hold above the immediate support level of $0.28. If it falls below this level, it could potentially drop to $0.20.
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