Meanwhile, the network's 7-day SMA for daily active addresses has also experienced a decline, moving from around 38,100 to when the year started
The network’s 7-day SMA for daily active addresses has also experienced a decline, moving from around 38,100 when the year started to 23,000 as of yesterday according to data from CoinMetrics.
Similarly, daily transactions have plunged from a 7-day SMA of 78,900 to 29,200, resulting in a 63% drop since the year started as well.
Despite these disappointing on-chain metrics, ADA is among the most resilient tokens this year with annual losses of 12.4% while rival smart contract platforms like Ethereum and Solana have seen their utility tokens drop by 38.9% and 30.4% respectively.
Bearish Pennant Pattern Pops Up in the Daily Chart
ADA has lagged behind its peers in the past 7 days, producing returns of just 1.6%. Comparatively, other tokens in the top 5 like Ethereum (ETH) and XRP (XRP) have seen higher gains of 9.2% and 15.5% respectively.
The token seems to have entered a period of consolidation as the market awaits a new catalyst to determine if there are merits to resume the early March sell-off or if this latest crash has already gone too far.
Sentiment is still heavily depressed as the Fear and Greed Index currently stands at 23, meaning that investors are still in fear. However, the indicator has picked up from its record-low level of 17 from last week.
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