Cardano (ADA) continues its methodical march toward full decentralization, with market activity on February 16, 2026, reflecting the successful implementation of key governance features from the Voltaire roadmap era. The network now boasts a fully functional on-chain governance system, allowing ADA holders to vote directly on protocol upgrades and treasury allocations. This shift has energized the community, leading to an increase in total value locked (TVL) as new decentralized applications (dApps) receive funding and support directly from the ecosystem's treasury. Price performance for ADA remains stable, characterized by slow but steady growth rather than explosive volatility. This aligns with the project's philosophy of peer-reviewed research and high-assurance code. Institutional interest in Cardano is growing specifically in the realm of digital identity and supply chain tracking, where the blockchain's reliability is paramount. However, the token faces stiff competition for liquidity from faster, more aggressive chains. For ADA to break its current resistance levels, analysts believe the ecosystem needs to see a breakout viral application that drives massive transaction volume beyond governance participation.