Cardano Continues to Surge After 1.5 Mainnet Release, Up 15% Over 7 Days

After the successful release of its 1.5 mainnet, Cardano has broken out from its normal trading range, reaching 2019 highs.

Previously, Cardano was trading between $0.0363 and $0.0534 over the last three months.

Within hours of the 1.5 release, the upper bound of this range was once again tested with Cardano jumping from $0.0502 to $0.0537, a 7 percent increase.

Once these sells were exhausted, within 14 hours the price of Cardano returned to previous resistance around $0.0530, shortly before breaking through this resistance to reach 2019 highs of $0.0587; ADA has not traded at these prices since November of 2018.

What appears to be the largest factor behind the price movement is the successful release of Cardano's 1.5 mainnet.

Other factors influencing the price could be the delayed impact from restructuring the Cardano Foundation.

Michael Parsons, the former CEO the Cardano Foundation, resigned following months of tumult between IOHK, Emurgo, and the Foundation in December.

The community claimed that the Cardano Foundation failed in most of its responsibilities, with one petition claiming it "Failed to build and lead a competent organization." Cardano founder Charles Hoskinson and Emurgo CEO Ken Kodama agreed.

In response to the resignation, Hoskinson said the community is "Waking up the Foundation and getting it where it was supposed to go," indicating the Cardano is ready to more actively participate in community building and marketing.

Three months later, perhaps ADA is seeing the benefits of a stronger Cardano Foundation and better marketing.