Binance announced a temporary pause on deposits and withdrawals on the Cardano (ADA) network on January 29, in order to support the network upgrade called “Plomin.”
Binance confirmed that ADA trading will continue, and that it will handle all technical requirements of users, with transactions resuming once the network stabilizes.
The “Plomin” upgrade is the second phase of the “Chang” update and represents a step towards full decentralized governance under “Voltaire.”
The upgrade will enable ADA holders to participate in decision-making and vote on protocol updates directly.
ADA price performance:
The price of ADA was not significantly affected following Binance’s announcement, as the coin stabilized at $0.94.
The coin’s price has seen significant volatility recently, having surpassed $1.15 before President Trump’s inauguration and then falling below $0.90 after the cryptocurrency market correction.
Some analysts are expecting a significant rise in ADA, based on technical patterns and historical performance, with That Martini Guy suggesting that the coin could reach $3 if the altcoin market enters a bullish wave.
In contrast, Ali Martinez warned of the possibility of high volatility after the Federal Reserve meeting today (January 29), noting that a sell signal appeared on the TD Sequential indicator for the ADA/USD pair.
