The latest update from Cardano indicates that the network has successfully launched 131 projects, with an additional 1,261 projects currently under development. Notably, the network recently achieved a significant milestone of processing 70 million transactions.

In the pursuit of improving the network's functionality, the consensus team has taken steps to enhance the Genesis implementation, aiming to simplify the correctness argument and address various functionality requests.

Regarding the integration of UTXO-HD (Unspent Transaction Output Hierarchical Deterministic) functionality, the team encountered some performance issues. However, they diligently investigated these problems and implemented the necessary improvements. Additionally, the team focused on integrating Ledger improvements into Consensus and made preparations for the upcoming node 8.2 launch.

The Lace teams have been actively involved in simulating a multi-delegation wallet and conducting tests on different coin-selection algorithms. They have also integrated cardano-js-sdk and introduced new UI features for the multi-delegation flow. Furthermore, they have resolved bugs in the HD wallet.

The Marlowe team introduced an HTTP SSE server for Marlowe transactions, while the Plutus Tools team addressed bugs and discrepancies related to the Marconi sidechain. The Adrestia team updated the Cardano wallet to enable integration with node v.8.1.1 and GHC 9.2.8, while also enhancing the DB layer. The Mithril team completed the design of signer deployment models and worked on stress testing tools, retry mechanisms, monitoring, and resolving a bug related to the computation of master certificates.

In terms of ADA's price performance, it started the week on a bearish note but experienced a bounce mid-week. As of today, ADA is priced at $0.287, representing a 0.40% increase in the last 24 hours and a 2.70% decline over the past week. However, it is worth noting that the current price is still 33% higher than its lowest point in June.

Technical indicators such as the Relative Strength Index (RSI) and the Money Flow Index (MFI) suggest significant accumulation of ADA, particularly in the latter half of June. Although this accumulation has not yet triggered a substantial bounce back, Cardano's focus on development and long-term growth could prove beneficial for the cryptocurrency.

Recent data from Santiment reveals an upward trend in Cardano's development activity metric over the past two weeks. Additionally, ADA's social dominance metric has shown healthy activity in the last four weeks. Moreover, there has been a surge in trading volume, indicating a bullish recovery in recent days. This volume spike, which is the second largest in the last four weeks, suggests the involvement of whales in the market. Consequently, ADA has rebounded swiftly this week after facing selling pressure.