The Cardano network has celebrated a significant milestone, surpassing 10 million native tokens. This remarkable achievement highlights Cardano's growing prominence and adoption within the blockchain and cryptocurrency space.

Cardano’s native tokens facilitate the transacting of multiple assets on its blockchain. Uniquely, Cardano allows users to transact not only with ADA but also with an unlimited number of user-defined (custom) tokens natively. This native support offers substantial benefits for developers, eliminating the need to create smart contracts to handle custom tokens.

By managing all token-related functionality within the ledger, Cardano reduces complexity and minimizes the risk of manual errors. According to the latest IOG weekly report, the network has reached 10 million native tokens, governed by 120,576 token policies. Additionally, the network has processed 90.8 million transactions and hosts 46,698 Plutus scripts.

Looking ahead, Cardano is positioned for further growth and expansion. The continued enhancement of its smart contract capabilities and upcoming upgrades, such as the Chang network upgrade, are expected to draw even more users to the platform.

However, Cardano's ADA token has experienced some turbulence in its price movement. After gradually climbing to a high of $0.51 on May 21, ADA encountered resistance and subsequently declined for four consecutive days. As of now, ADA has dipped 0.33% over the last 24 hours, trading at $0.4611.

The 50-day and 200-day simple moving averages (SMA) have presented significant hurdles to ADA's upward momentum since early April. A recent death cross, where the 50-day EMA crosses below the 200-day EMA, has raised concerns about ADA’s short-term price trajectory. Overcoming the 50-day EMA will be crucial for ADA to signal a potential rally.

Following the approval of Ethereum ETFs, traders and analysts are closely monitoring market indicators and signals, ready to adjust their strategies based on ADA's next significant move. The coming days and weeks will be pivotal in determining the future direction of ADA's price.