How Far Can Investor Interest Drive Cardano (ADA)?
Cardano’s ADA is enjoying its much-awaited trading activity after the dormant and underperformance it went through for a few weeks. Moreover, whales are herding towards Cryptocurrency after shunning it for the last few weeks.
The market has a renewed interest in ADA, and there is also a growing excitement in the Cardano community, more so as Vasil readily draws near. ADA is up by almost 10% in 2 days– the hike came to the fore, followed by the release of an official date.
The upgrade date confirmation was received positively by the market. Cardano’s velocity metric recorded its largest spike in the last 30 days just a day before the announcement.
The social volume of ADA also witnessed its most significant spike in 30 days on the day the upgrade date was confirmed. And then, naturally, it garnered a lot of attention, largely from the whales.
ADA whale transaction counts also recorded a notable spike in the last two days. The whales are buying the news, and such a development may underscore an upside as the date of the Vasil hard fork nears.
How long will the bulls stay?
Many ADA investors are questioning if the bulls are here to stay. The price level at the time of the Cryptocurrency’s press seemed to be a far cry from its 2021 all-time high. The upgrade will come almost a year after the Alonzo upgrade, which introduced smart contracts. Countering expectations, its price action commenced its crash, followed by last year’s upgrade
Should we be expecting the same this time? While the previous upgrade came in when ADA’s price was hovering at its all-time high, the latest upgrade will find ADA near its lows and at an 83% discount as compared to last year.
To sum up,
Investors are interested in ADA again, and it might see more upside as 22 September nears. There are many factors involved to be sure if the upgrade will lead to more upside
The upgrade will definitely bring benefits to the Cardano ecosystem, and more importantly, it will impact the long-term demand and growth of ADA.