Cardano’s [ADA] recent performance did not please its investors, its price action was quite sluggish in the previous week. As per CoinMarketCap, ADA registered negative weekly gains and, at the time of writing, it was trading at $0.3108 with a market capitalization of more than $10.7 billion.

However, things might not remain the same for Cardano in the next year. The developers have several new updates and developments in the pipeline that can change Cardano’s fate for good.

Read Cardano’s [ADA] Price Prediction 2023-24

This is why the community is optimistic

Cardano recently organized its latest Cardano Summit 2022 in which several speakers were invited to discuss multiple topics regarding the blockchain industry.

After the event concluded, it was mentioned in a blog that the Cardano Foundation was pleased to see Summit speakers and attendees consider key benefits and obstacles around decentralization as they applied it to different forms of financial services.

Moreover, Cardano will also enter its much-anticipated 5th era next year, called Voltaire, which will provide the final pieces required for the Cardano network to become a self-sustaining system.

Participants in the network will be able to utilize their stake and voting rights to affect the network’s evolution after the implementation of a voting and treasury system.Not only that, but Cardano developers also released their blockfrost-backend-ryo v1.1.1 update. Even though it was not a major update, it still reflected the kind of effort that the developers were putting in to strengthen the ecosystem.

The metrics were also supportive

Cardano’s performance on its metrics front during the ongoing last quarter of this year was not as good as the community expected after the Vasil hard fork.

However, the metrics did show signals of recovery, suggesting a better start to the next quarter.

For instance, after registering a decline, ADA’s MVRV Ratio climbed up the ladder over the last month, which looked promising for the network. The development activity also chose to follow a similar route and started to recover at the end of November.

Source: Santiment

Moreover, Cardano’s daily active addresses kept increasing over this quarter, which was a positive signal, indicating a higher number of users in the network and reflecting users’ trust.

The daily on-chain transaction volume in profit also registered a sharp uptick, which too was a green flag. Therefore, considering all the upcoming updates and the on-chain metrics, Cardano enthusiasts can expect a good start to the new year.

Source: Santiment